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"We're not getting much personality out of the Canadian dollar, and it's lagging the broader market. I would attribute some of it to the weaker economic data that came out of the States earlier today. Canada, being looked at as a North American proxy, has faded along with the U.S. dollar today."
- Jack Spitz, National Bank Financial (based on Reuters)
Pair's Outlook
USD/CAD is trading flat ahead of the US data announcement. If the bearish mood reiterates though, 1.0174 (PP Monthly) is going to be the first support among bearish investors. A breakout here would expose 1.0088 (200-day ma) and 1.0009 (S1 Monthly; 100-day ma).
Traders' Sentiment
Traders' sentiment is bullish, as the overwhelming majority (74%) of traders stay short on USD/CAD. Merely 26% of market participants expect the US dollar to depreciate. Within 100 pips from the latest market price, the bullish sentiment insignificantly eases as 68% of traders placed long positions.
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