© Dukascopy Bank SA
"There's a lot of uncertainty out there in terms of the pace that China's growing and the structural issues that are still plaguing Europe. […] we're getting near the worst point in what's going on in Europe and that there's not going to be a real immediacy in fixing its structural problem."
- Mazen Issa, TD Securities (based on WSJ)
Pair's Outlook
The US dollar is trading slightly lower against the Canadian dollar compared to Friday. For now the pair seemed to stabilize, presenting a chance for bullish traders to change the price direction. Therefore, 1.0023 (PP Weekly) might become the first resistance level, followed by 1.0079 (200-day SMA) and 1.0119 (50% Fibo) in case of a successful breakout.
Traders' Sentiment
The gap between bullish and bearish positions has slightly widened since yesterday as long positions constitute 64%, while the share of short positions makes up 36% of the market. As for the orders positioning, only 66% of investors are expecting the pair to move downwards.
© Dukascopy Bank SA