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"Ongoing uncertainty about whether the Federal Reserve will be able to taper its monthly bond buying as part of its quantitative easing program continues to weigh on the greenback."
- BNY Mellon (based on Reuters)
Pair's Outlook
USD/CAD is still hesitating to advance while being in the vicinity of the monthly pivot point, but should eventually overcome the hurdle at 1.0379 and start heading towards subsequent resistances. The nearest such level is found at 1.0445, although there is a low possibility it will be able to hold the bullish momentum for long. Conversely, 1.0512/02 is a substantially larger threat to the development of a rally.
Traders' Sentiment
The portion of open long positions (71%) declined by a mere one percentage point overnight, meaning that a substantial part of all the traders in SWFX marketplace see USD/CAD trading higher than the current levels in the future, a scenario implied by the weekly and monthly technical indicators.
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