© Dukascopy Bank SA
- Bank of New York Mellon (based on Reuters)
Pair's Outlook
Despite the assumed unreliability of the weekly pivot point at 1.0462 as the support, USD/CAD stays afloat and at the same time is constantly putting pressure on the monthly R1 at 1.0521. Accordingly, there are now fewer reasons to believe the price could pull back to the rising support line, instead the risks are heavily skewed in favour of a surge.
Traders' Sentiment
While immovability of AUD/USD resulted in a decrease in the number of long positions, the opposite happened in USD/CAD, where the share of the bulls rose up to whopping 75%. Concerning the pending orders, 67% of them are to acquire the U.S. Dollar and the rest are to acquire the loonie.
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