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"From a strictly domestic standpoint, I think it does advance the case for the bank raising rates."
- Doug Porter, deputy chief economist at BMO Capital Markets
(based on Bloomberg)
Pair's Outlook
Yesterday's losses were erased today as the greenback appreciated against the Canadian dollar and touched the first daily resistance at 1.0224 (R1 Daily). However, the pair has to go through a strong resistance around 1.0280/.0320 (upper Bollinger band; upper resistance line) in order to continue the rally.
Traders' Sentiment
At the moment, the majority of market participants hold long positions on USD/CAD (62%) as they expect the rally to continue. Within 100-pip range from the current market price, the bullish sentiment adds only 1% (63% of market player expect the pair to rise).
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