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"There's a lot of Canadian dollar data to watch out for this week, which is another wild card. If that follows the trend that we've been seeing in some of the U.S. data, then that might keep the Canadian dollar a little on the defensive."
- Canadian Imperial Bank of Commerce in London (based on Bloomberg)
Pair's Outlook
USD/CAD is still trading bearishly as concerns over Greece eased on elections outcome. If the bearish mood holds again, 1.0174 (PP Monthly) is going to be the first support among bearish investors. A breakout here would expose 1.0110 (S2 Weekly; Lower Bollinger band) and 1.0003 (100-day ma; S3 Weekly).
Traders' Sentiment
USD/CAD currency pair has become overbought to a larger extent than last Friday. At the moment only 28% of traders stay short on the currency couple, whereas 72% of them expect the Loonie price to go down further.
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