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"It [Canadian Dollar] has moved a long way in a relatively short period of time, and now that things have quieted down a little bit, people are trying to pick away and look for some value."
- RBC Capital Markets (based on Reuters)Pair's Outlook
The technical indicators have become more united in showing that USD/CAD is bullish. At the moment five out of eight studies presented are giving ‘buy' signals on a daily time-frame. However, it does not look right now that the pair is carrying strong upward momentum, being that it is unable to overcome an interim resistance at 1.0576 represented by the weekly R1.
Traders' Sentiment
Traders' sentiment towards USD/CAD became fractionally more bullish overnight, as the portion of the bulls rose to 73% from 71% recorded yesterday, reflecting growing conviction among market participants that the U.S. Dollar is going to outperform its northern counterpart in the future.
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