© Dukascopy Bank SA
"If there's no news the (U.S.) dollar grinds up."
- Royal Bank of Canada (based on Reuters)
Pair's Outlook
USD/CAD is still contained by the 55-day SMA from below and the 2012 high from above, it thereby remains side-lined. However, eventually the price is expected to close above this horizontal channel and reinstate the bullish momentum it lost after hitting 1.06. The downside risks persist, although they are associated with the near-term perspectives rather than with the medium or long-term outlooks.
Traders' Sentiment
Traders in the SWFX marketplace retain their bullish sentiments with respect to USD/CAD . At the moment 71% of positions on the currency pair are long, and only 29% of investors believe the price has not yet bottomed out and there is still some room for the exchange rate to fall.
© Dukascopy Bank SA