© Dukascopy Bank SA
- CanadianForex (based on Reuters)
Pair's Outlook
USD/CAD remains unable to break neither the down-trend nor the up-trend lines that currently serve as boundaries of the triangle pattern the pair in turn has been forming since mid-September. We deem the downside risk to be more probable, as a dip is a path of least resistance from the market, being that the price is capped by the 200-day SMA from above.
Traders' Sentiment
Bulls continue to constitute 67% of the market, expecting USD/CAD to reach higher levels. Conversely, one third of investors believe the Canadian Dollar is capable of outperforming its southern counterpart. On a related note, there is almost no difference between the amounts of buy (52%) and sell orders (48%).
© Dukascopy Bank SA