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- Diana Petramala at TD Economics (based on Canada.com)
Pair's Outlook
The psychological parity level (1.00) has served as a strong support for the USD/CAD pair. With the RSI (14) approaching its oversold area, we are likely to see the pair augmenting in near-term. The aggregate technical indicators give us a Buy signal in the weekly timeframe as well. Thus, 1.0086, where the 200-day SMA lies, can be the first bullish target for the pair.
Traders' Sentiment
After a perfectly balanced bias on the market yesterday, the SWFX sentiment index demonstrates that bulls are activating on the market. Namely, 65% of traders believe that pair will move North in near term. However, 35% of market participants project pair's downfall below the parity.
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