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"We just seem to be sitting in that zone between support and resistance."
- CIBC World Markets (based on Reuters)
Pair's Outlook
USD/CAD has finally started to realise its bullish potential, jumping beyond the interim resistance at 1.0576. However, it must be breached before the pair reaches higher levels, such as 1.0631, 1.0672 and 1.0708, being that we are more inclined to believe the U.S. Dollar is going to appreciate rather than lose the value. The positive outlook will be invalidated by a breach of 1.0447/45.
Traders' Sentiment
An overwhelming majority (72%) of traders continue to stay bullish on USD/CAD, reckoning that present jittery behaviour of the currency pair is nothing but a consolidation to be followed by another leg up. On average in its currency pairs the loonie is acquired in 31% of cases.
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