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"The CAD is little changed against the USD but has lost ground on the crosses—reflecting concern that slower U.S. growth momentum if the Washington slides off the fiscal cliff will translate into slower growth in Canada."
- TD Securities (based on Fox Business)
Pair's Outlook
Pair is continuing to appreciate after receiving a bullish impetus from 0.99 and at the moment is testing 55-day SMA at 0.9939. It is likely that this level wont offer much of a resistance, but there is a lot of pressure coming from 0.995 which has been coming in to play lately when the pair hit 0.994. As a consequence we might see the pair in 0.990-0.995 range for some time in the future.
Traders' Sentiment
Greenback is remaining the more proffered out of the two north American currencies making the market attitude towards the pair bullish—62% of traders hold long positions. Situation is bound to continue as 64% of pending orders are to go long as well.
© Dukascopy Bank SA