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- Scotiabank (based on Reuters)
Pair's Outlook
The US Dollar continue its dominance against its Canadian counterpart. Today the pair has reached the bullish channel's upper trend-line and also the strongest level this year around the 1.16 mark. The fact that the pair is approaching the pattern's resistance could potentially result in a period of correction or consolidation. However, if USD/CAD breaks the monthly R2 that is located at 1.1634 the pair could climb to as high as 1.17.
Traders' Sentiment
As the Greenback became more expensive, surprisingly the number of people believing it is still under-priced relative to the Canadian peer has continue to grow, namely from 70 to 75%. Concerning the orders, 82% of them are set to sell the Buck against the Loonie.
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