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"The Bank of Canada is unlikely to cut rates, but definitely unlikely to raise rates."
- National Bank of Canada (based on Bloomberg)
Pair's Outlook
USD/CAD has depreciated today, after it could not find a way how to trade above weekly R3 at 1.1262 for a third straight day. We still remain bullish on this pair despite its struggle to breach previously mentioned level. Nevertheless, we expect that it will break R3 and head for monthly R2 at 1.1336, which could be even bigger challenge. However, taking into account that the pair is trading around 4 year high some drawback is possible.
Traders' Sentiment
The gap between the bullish and bearish SWFX market participants did not change much as 62% are bullish compared to yesterday's 64%. Concerning the orders placed 100 pips from the spot, there are now significantly more commands to buy than yesterday - 67%.
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