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- CIBC World Markets (based on Reuters)
Pair's Outlook
USD/CAD continues to gain ground after receiving a strong upward impetus near 1.10. The closest resistance is at 1.1218/1.1180, but it should not keep the currency pair busy for long, as it consists only of the weekly R1 and the Bollinger band. A similar situation is with the next resistance at 1.1298—the weekly R2. However, the technical indicators do not favour a bullish outlook, they are largely mixed.
Traders' Sentiment
The sentiment towards USD/CAD keeps on improving, but the percentage of long positions open in the market is still below the 10-day average of 59.5%, namely at 56%. Concerning the orders set around the current price, there is a slight advantage of sell ones (57%).
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