© Dukascopy Bank SA
"Very low inflation could be combined with the possibility that the Bank of Canada might have to revise upward its estimate of spare capacity (in the economy)."
- Scotiabank Economics (based on CBC)
Pair's Outlook
Previous week the pair was trading around 1.1100 and did not make any major moves – nor upwards, nor downwards. USD/CAD has dipped slightly today as it broke monthly PP and almost approached weekly S1 at 1.1041. We see this pair appreciating towards weekly R1 and Bollinger Bands at 1.1151 and then most likely it could make an attack to monthly R1 at 1.1197 and also the significantly important 1.1200 level.
Traders' Sentiment
The sentiment towards USD/CAD has remained the same as at the end of last trading week with 72% of the SWFX market participants being bullish. Bullish side of pending orders, however, rose by 19% and is at 67% today.
© Dukascopy Bank SA