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"Headline risks all point towards higher dollar-CAD, and will probably push it back up to the top of recent range towards C$1.06."
- ForexLive (based on Reuters)
Pair's Outlook
Although we were ready for a deeper dip, topical in 2009 and 2012 levels, in conjunction with the 100-day SMA, were enough to reverse the sell-off and direct the pair upward. At the moment USD/CAD is forming a base above the monthly pivot point at 1.0379, but should soon rise up to 1.0512/02, where from it may start the attempt to breach 1.0701.
Traders' Sentiment
The traders' sentiment with respect to USD/CAD is unchanged. An overwhelming majority (72%) of traders continue to keep long positions on the pair, expecting the buck to outperform. Concerning the orders currently placed, 60% are to acquire USD and the remaining 40% are to acquire CAD.
© Dukascopy Bank SA