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"There wasn't a big reaction to currency markets and it's really difficult to see what's going to move the Canadian dollar ahead of tomorrow's [consumer price index] number."
- Benjamin Reitzes, BMO Capital Markets (based on The Wall Street Journal)
Pair's Outlook
USD/CAD was stable today before the Canadian CPI number coming out tomorrow (17th of August). However, outlook for the pair in the short term remains negative and it is highly likely that the pair will test weekly pivot (S1) at 0.9874 tomorrow which could provide enough support for recovery of the pair.
Traders' Sentiment
Traders sentiment haven't changed in the whole week, as majority of traders (70%) of have long positions open anticipating the recovery of the pair. However, in the 100-pip range from the current market price, allocation of pending orders is quite the opposite– 60% of traders have posted sell orders on the pair.
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