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- John Curran, senior VP at CanadianForex (based on Reuters)
Pair's Outlook
Despite bearish technical indicators, USD/CAD is continuing its bullish movement within a downward channel pattern, and it is likely to be capped by 55-day SMA at 1.0228. After a potential rebound, the first targets for bears would be 20-day SMA at 1.0174 and weekly S2 at 1.070.
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). Significant changes in traders' sentiment can be expected in case of sharp bullish movements towards monthly target of 1.03.
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