© Dukascopy Bank SA
- National Bank of Canada (based on Bloomberg)
Pair's Outlook
Following a confirmation of a new down-trend resistance line at 1.0527, which is likely to act as a cap until the end of this year, the U.S. Dollar slipped another 20 pips over the weekend. However, the price has nearly closed the gap, being underpinned by the support at 1.0407/1.0399, where the monthly pivot point merges with the weekly S1 level.
Traders' Sentiment
A substantial portion (71%) of the SWFX market participants expect the U.S. Dollar to outperform its Canadian counterpart, which in turn is one of the least popular currencies among the traders at the moment—only 30% of positions in its pairs are loonie-long. Meanwhile, a difference between the amounts of buy (54%) and sell (46%) orders is by far less significant.
© Dukascopy Bank SA