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"The Bank of Canada is likely to maintain a very accommodative stance over a considerable period of time, and I don't foresee a change in rates in the near future."
– TD Asset Management (Based on Bloomberg)
Pair's Outlook
Yesterday USD/CAD gained slightly and today the pair bounced back to trade around yesterday's opening level at 1.1082. Despite today's bearish action we are bullish on this pair and we expect that it will head towards weekly R1 at 1.1152. Reaching this level the pair most likely will not lose its momentum and some further appreciation is expected. Very important resistance level is monthly R1 as the pair has struggled to break it previously.
Traders' Sentiment
The gap between the amounts of long and short positions open on USD/CAD has changed slightly since yesterday as 69% of SWFX traders are bullish. Meanwhile, the percentage of orders set with a buy trade rose to 56%.
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