© Dukascopy Bank SA
- Scotiabank (based on Reuters)
Pair's Outlook
After the jump in price on Monday, the USD/CAD has calmed down and it is trading around the weekly R1 and monthly R2 at 1.1651/35. Most likely we will see a correction with the pair sliding closer to the 1.16 level, possibly even below it. Nevertheless, it does not mean that the pair has lost its bullish intentions, as the weekly technical studies are still giving ‘buy' signals. In case, the pair maintains its positions above the monthly R2 then the 1.17 could be tested.
Traders' Sentiment
After the SWFX sentiment dropping to 59% yesterday, it has rebounded back above the 70% mark. Concerning the orders placed 100 pips from the spot, there are now considerably more commands to sell—65%.
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