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- Ravi Bharadwaj, Western Union Business Solutions (based on Bloomberg)
Pair's Outlook
Following the downward channel trend, USD/CAD is continuing its slide, and is likely to hit pattern's support line in the beginning of next week. Before that, the pair still has to pierce weekly S1 at 1.0662. After a trend reversal, the first bearish targets might be near 20-day MA at 1.0152.
Traders' Sentiment
Traders are starting to expect a trend reversal, as today only 60% of traders (down from 65% yesterday) expect pair's further fall. 39% of traders plan to open long positions in the upcoming days. Traders are also expecting the Advance GDP data from the USA, which might have an impact on pair's further movements.
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