© Dukascopy Bank SA
"In the currency war, Canada is a conscientious objector. U.S. retail sales was the key factor, it just basically bolstered the U.S. dollar as people are looking ahead to, ‘Is the Federal Reserve potentially going to taper next week?'"
- HSBC Holdings Plc. (based on Bloomberg)
Pair's Outlook
Pair seems to be struggling with the 2011 high after a bounce form the August high yesterday. We do not expect it to hold for long and that the 2013 high will be challenged in the short to medium term. We expect it to hold at least the initial test and maybe even keep the pair hovering below it for some time. Failure at current level and one more dip till 1.056, however, remains equally likely.
Traders' Sentiment
For the second day in a row, after a 4% increase before that, bulls continue to hold 75% of all open positions. Bullish side of pending orders, however, stumbled by 4% and is at 55% level; the same as few days ago.
© Dukascopy Bank SA