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"We are seeing the U.S. dollar strengthening and crude oil weakening, so there is relatively bearish macro influence."
-Commonwealth Bank (based on Reuters)
Pair's Outlook
Pair failed to advance above 0.98 once again and remains range bound between 0.98 and 0.975 Together with readings of market sentiment and technical indicators it continues to highlight a high probability of bearish dip in the near future.
Traders' Sentiment
USD/CAD is presently overbought, since long positions (69%) exceed short ones (31%) by a large margin, suggesting persistence of a strongly bearish sentiment on the currency pair. On the other hand, there is almost no difference between the amounts of buy (52%) and sell (48%) orders.
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