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- Royal Bank of Canada (based on Reuters)
Pair's Outlook
Today the U.S. currency has reversed yesterday's losses and it is challenging the 1.10 level once again. Apparently, the 200-day SMA at 1.0941 gave a bullish impetus to the pair, as it has gained a bullish momentum again. To our mind, the pair is going to fluctuate around the 1.10 mark for the time being, thus a period of consolidation might be expected. At the mean time, the monthly technical indicators point to the north, thus a movement higher in the long term is likely.
Traders' Sentiment
The gap between the amounts of long and short positions open on USD/CAD has not changed since the previous report, at the time of writing 65% of the market participants remain long.
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