© Dukascopy Bank SA
"We've seen some signals the U.S. slowdown may spill over to Canada, and we've had some weak trade numbers. The Canadian dollar has really been sidelined and moving sideways for the past couple of weeks and I don't think that's going to change in the near term."
- Toronto-Dominion Bank (based on Bloomberg)
Pair's Outlook
It seemed that the pair is on the way to advance above 1.028,but as we can see it failed to do so and once again returned below the weekly R2. In case this move increase in magnitude it seems more likely than not that 200-day SMA should prevent the pair from falling much lower. Weekly R1/monthly PP might be enough as well. In order to uplift most of the current bearishness the pair should advance above 1.0428, but as we can see from yesterday and today it would give no guarantees.
Traders' Sentiment
Bulls continue to hold overwhelming majority of all open positions, but we are seeing some signs of retreat from their side. At the moment they account for 71% of market participants which is 3% less than yesterday. In addition to this bullish side of pending orders decreased by 3% and is at 61% gauge.
© Dukascopy Bank SA