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- Cambridge Mercantile Group (based on Reuters)
Pair's Outlook
The U.S. Dollar continues to trade above the 1.07 level; however, it has not managed to gain momentum after jumping on Friday. Even though daily and weekly technical studies are more to the downside we think the pair is capable of breaking the monthly PP at 1.0760. Nevertheless, the most important level is slightly below current trading levels at 1.07, if we see the pair sliding beneath it then a decline towards the weekly S1 at 1.0661 is possible.
Traders' Sentiment
The sentiment towards the Greenback strengthened to even more bullish, being that the percentage of long positions open on USD/CAD has surged from 70% up to 74% since the previous report. Meanwhile, the share of buy orders grew from 58% up to 62%.
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