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"An extension of Operation Twist to the market was a foregone conclusion and the selloff in the dollar in the last week or so was pricing that in. The Canadian dollar will go hand-in-hand with risk on-risk off."
- Oanda Corp. (based on Bloomberg)
Pair's Outlook
USD/CAD attempts to stabilize and reiterate bullish trend as currency traders expect a decline in the US jobless claims. If the bearish mood emerges, 1.0174 (PP Monthly) will be the first level in the cross-hairs. A breakout of this support would pave the way to 1.0110 (S2 Weekly; Lower Bollinger band) and 1.0003 (100-day ma; S3 Weekly).
Traders' Sentiment
At the moment, traders' sentiment on USD/CAD is bullish as 58% of investors hold long positions, whereas the minority of traders (42%) expect the pair to decline.
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