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- BMO Capital Markets (based on Reuters)
Pair's Outlook
Now there are few reasons to doubt that the upper edge of the bullish channel has been breached, being that the spot price is nearly 100 pips away from it. The next significant resistance level USD/CAD could be aiming for is situated at 1.0447—15-month high, though some of the interim resistances, such as 1.0245, 1.0330 and 1.0391, will have to be overcome prior its achievement.
Traders' Sentiment
The gap between the bulls and bears is widening and is already 18% Accordingly, the sentiment is becoming increasingly bearish (59%), whereas USD/CAD disregards this and preserves its upward momentum. Distribution between the buy and sell orders is 68% to 32% respectively.
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