© Dukascopy Bank SA
"Things aren't quite as dovish from the Bank of Canada's perspective as markets thought immediately after his comments."
- BMO Capital Markets (based on Reuters)
Pair's Outlook
Today USD/CAD has prolonged its decline and touched monthly PP at 1.1053. It is trading below 55-day SMA for basically first time since October, meaning that it might gain some bullishness. If the pair does not start its climb from here then it might slide towards 1.1000, which is psychologically important level. Consequently, if the pair approaches that level we expect it to head north.
Traders' Sentiment
The sentiment among the SWFX market participants has little changed, 71 % of them expect that U.S. Dollar will appreciate versus the Loonie. The pending orders have changed slightly as 51% of traders want to enter the market with the sell order.
© Dukascopy Bank SA