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"Markets are waiting for results from the U.S. election and waiting to see what happens in Greece with the austerity package"
- Scotiabank (based on Reuters)Pair's Outlook
Dearth of interest to acquire the U.S. Dollar did not enable a re-test of 1.0001/10. This has led to a shallow dip of the price to 0.9933/09 that is deemed to be strong enough to safeguard some of the lower support levels, such as 0.9868 and 0.9842. A journey back to 0.9632, a low reached on Sep 14, at the moment seems to be improbable and we should see continuation of the recovery.
Traders' Sentiment
The extent to which USD/CAD is overbought carries on increasing, since the percentage of bulls is now 70%, whereas the portion of bears diminished to 30%, regardless of a dip. The pair is likely to be also supported by buy orders, which account for 63% of the total amount of orders placed.
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