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"I would assume we're going to get something very much in line with what we saw with the last Bank of Canada rate statement."
- Cambridge Mercantile Group (based on Reuters)
Pair's Outlook
At the end of last trading day USD/CAD declined and broke the monthly PP at 1.1053, today we have seen further retreat as it slid under weekly S1 at 1.1041. At the moment of writing the pair is trading around monthly PP and we think that it is poised for advance towards weekly R1 at 1.1151 and afterwards monthly R1 at 1.1197. Technical indicators are largely giving bullish signals.
Traders' Sentiment
The difference between the long (67%) and short (33%) positions narrowed slightly. Concerning the orders placed 100 pips from the spot, there are now a little less commands to buy — 63%, after yesterday's 67%.
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