© Dukascopy Bank SA
- Scotiabank (based on Reuters)
Pair's Outlook
USD/CAD continues to slide away from the tough resistance created by the 2010 highs, monthly R1 and weekly R2. The setback should be halted by the demand at 1.0609/1.0590—the July high and the up-trend support line. Once the bearish correction is exhausted, the price is expected to re-test 1.0709/1.0693 and eventually overcome it to open the way towards 1.0923 (monthly R3 and up-trend resistance line).
Traders' Sentiment
The portion of bullish SWFX market participants added two percentage points and now three out of four traders believe the U.S. Dollar will outpace the loonie. As for the orders, 49% are to buy and 51% are to sell the greenback.
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