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- Camilla Sutton, head of currency strategy at Bank of Nova Scotia, Toronto (based on Bloomberg)
Pair's Outlook
USD/CAD is edging towards the R2 (20-day SMA) at 1.0175, while a minor correction is expected today, closer to 1.0112 (Daily forecast). The first significant barrier to the pair's downfall is near the 200-day SMA at 1.0107. Meanwhile, USD/CAD bullish movements are capped by weekly R3 at 1.0257.
Traders' Sentiment
SWFX sentiment index demonstrates that traders aren't unanimous concerning the pair's near-term movements with bearish and bullish prospects divided almost equally (49% and 51% respectively). Majority of traders are likely to pay attention to developments in the US labor and housing markets.
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