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"We expect data out of North America, particularly the U.S., to be more positive, more risk-friendly, and I don't necessarily see the U.S. dollar appreciating on the back of that because of the sequester, so that could give the Canadian dollar a risk proxy support, despite a less hawkish Bank of Canada."
- Oanda Corp (based on Bloomberg)
Pair's Outlook
Pair started the week with almost no movement, but gave clear bullish intentions today by peaking above 1.03. However, although daily technicals give clear indication about pairs propensity to advance further the mentioned level seems unbreachable for the time being. As weekly and monthly Stochastic indicator suggests, pair might be loosing some momentum and we might be seeing some bearish correction any time soon.
Traders' Sentiment
Amount of bears in the market increased by 8% and at the moment they account for 58% of all market participants. Clear majority of pending orders, however, is to go long (64% of all orders).
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