© Dukascopy Bank SA
- TD Securities (based on Reuters)
Pair's Outlook
This week the USD/CAD continued to climb, at the moment it trades more or less steadily above the 1.09 level which was reached for the first time since the beginning of June. To our mind there still is a room for gains, with the monthly technical indicators being largely bullish. The next key level is June high and the weekly R3 at 1.0961/63. However, we should not exclude possibility of the pair slipping below the 1.09 mark with the bearish weekly technicals.
Traders' Sentiment
It seems that the pair's advance is scaring away some part of the bullish traders as the sentiment (56%) fell lower for the fifth straight trading day. The distribution between the buy and sell orders is also quite stable—57% and 43% respectively.
© Dukascopy Bank SA