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"The Bank of Canada will likely take some cautious optimism about the survey results as it is looking for investment and exports to support strengthening growth in 2014 and 2015."
- Royal Bank (based on CTV News)
Pair's Outlook
Pair took a step back yesterday after the recent rally, but found support with 2010 high at 1.0855 and at the moment is approaching recent (2014) high at 1.0946. It should not give up easily and we might see further dips and sell offs. In order to gain momentum the pair should show a solid close above it. In case of failure we expect the pair not to dip below the mentioned 2010 high.
Traders' Sentiment
Bulls continue dominate the market as they continue to hold 62% of all open positions and although share of bearish pending orders increased by 5% to 25%, depending on the range, they account for 20% to 36% of all pending orders.
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