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"He [Bank of Canada Governor] probably wasn't as dovish as some people were expecting, (and) again highlighted the neutrality of the Bank of Canada."
- Cambridge Mercantile Group (based on Reuters)
Pair's Outlook
Pair failed to advance above the 2011 high at 1.065 and at the moment is trading just slightly above the August high at 1.0569. We expect this support to be challenged quite soon. It should hold initially, but it seems very likely that the pair might trail to 1.05—the upper quartile of the expectations of major market participants for this quarter. In order to uplift most of this downside risk the pair should close above the 2011 high.
Traders' Sentiment
Bulls account for 70% of all traders. That is 5% less than before the weekend. It seems that fair share of this change might be coming from triggering of pending orders as bearish side of it decreased by 3% and is at 52% today.
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