© Dukascopy Bank SA
- John Curran, CanadianForex (based on Reuters)
Pair's Outlook
The assumption that the bears gave up in the second part of the last week did not prove to be true. As it turned out, USD/CAD is still gravitating towards a major support area at 1.0285/69, where the decline, started at the beginning of the current month, is expected to come to an end and transform into a strong recovery. In the end the surge is supposed to approach the local high at 1.0609.
Traders' Sentiment
Despite USD/CAD's tendency to decline lately, most (71%) of the SWFX market participants stay long on the U.S. Dollar, believing there will be no new lows reached in the nearest future, but the pair will eventually commence a rally. The amount of buy orders (63%) also sizeably exceeds the amount of sell orders (37%), but to a slightly lesser extent.
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