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- RBC Capital Markets (based on Reuters)
Pair's Outlook
The resistance in the face of the monthly R1 keeps on preventing every attempt of USD/CAD to rally beyond 1.0512, implying increased pressure on the nearby support at 1.0462 that may prove to be insufficiently strong in order to buoy the price. Accordingly, we may not rule out a possibility of the pair falling down to either the 55 or 100-day SMA.
Traders' Sentiment
Although a small portion of the traders were discouraged by USD/CAD's hesitation to advance, an overwhelming majority (72%) of them hold long positions, anticipating recommencement of the recovery. In the meantime, the share of buy orders grew up to 65% from 57%.
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