© Dukascopy Bank SA
- Scotiabank (based on Reuters)
Pair's Outlook
Today the greenback has erased some of this weeks losses as it received a bullish impetus from weekly S3 at 1.0825. Right now the pair is trading above the weekly S2 at 1.0881 and we expect a further advance. We do not think that the pair will slip lower than yesterday; in the contrary, we suspect the U.S. Dollar strengthening towards the weekly S1 at 1.0929 and most likely it should prolong the climb towards the monthly PP at 1.0964.
Traders' Sentiment
The bullish sentiment towards USD/CAD currency pair reached 74%, which is the highest level in almost a month. The distribution between the buy and sell orders widened significantly—36% and 64% respectively.
© Dukascopy Bank SA