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"Equity markets have been driving a lot of the Canadian dollar selling. Despite a rather dismal performance by the equity market, the Canadian dollar is actually hanging in pretty well."
- Scotiabank (based on Reuters)
Pair's Outlook
It seems pair managed to consolidate above parity condition, but significant portion of traders still have doubts about pairs future as it has been testing 200-day SMA, but did not manage to advance above Bollinger band almost for the whole trading week. It is unlikely pair will advance far above current levels, as quite a few technical indicators give neutral outlook, but return below parity condition is very unlikely.
Traders' Sentiment
Minor bullish sentiment is holding in the market as 54% of traders hold long positions on the pair. In addition, 67% of all pending orders on the pair are to go long suggesting we should see a persistence in bullish sentiment in the market.
© Dukascopy Bank SA