© Dukascopy Bank SA
"The economic landscape in the U.S and Canada is fraught with uncertainty, and the same concerns about growth in the U.S. have tainted the Canadian outlook. Inflation data continues to come in on the soft side, which gives the Bank of Canada cover to be more dovish."
— Royal Bank of Canada (based on Bloomberg)
Pair's Outlook
Pair seems to be developing further sell off as 1.0275 seems to be just holding the pair, but not initiating a recovery. Despite the fact that short term technicals point at the recovery of the pair, we don't' see it advancing above the 200-day SMA any time soon. Dip below the 1.0275 should provoke a sell off to 1.0182 and only a solid close above 1.035/38 could uplift most of this downside pressure.
Traders' Sentiment
Situation in the market remains rather similar to the one on Friday. Bulls account for 71% of all of the market participants, which is 2% less than on Friday. Significant change can be observed in the distribution of pending orders. Bullish side of pending orders decreased by 13% since Friday and is at 56% gauge today.
© Dukascopy Bank SA