USD/CAD to face correction

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
"The test for Canada will be if we get soft data at the same time the U.S. data ... remains strong. Then it's going to put the divergence between the two central banks in a bit of a spotlight."
- RBC Capital Markets (based on Reuters)

Pair's Outlook
USD/CAD seems to be entering a period of correction, after touching the highest level this year at 1.1675. Most likely the pair will continue its dip until the monthly R1 and weekly PP at 1.1527/24 that could halt it for now. Nonetheless, the weekly technical indicators are mostly bullish, while the daily and monthly ones are neutral. Meaning that a new high might not be in the picture for now, but a decline lower below the 1.15 level is unlikely.

Traders' Sentiment
The traders' sentiment with respect to USD/CAD stays explicitly bullish, since as many as 74% of open positions are long. Moreover, the relative number of buy orders is also growing—100-pips from the spot price their share increased from 41% to 57%.
© Dukascopy Bank SA
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