© Dukascopy Bank SA
"Markets obviously don't like indecision, and they don't like the possibility of potentially having a referendum, but that's been played down over the last few weeks."
- Cambridge Mercantile Group (based on Reuters)
Pair's Outlook
USD/CAD has retreated below 100-day SMA for the first time since October and today's drop stopped near monthly S1 and February's low around 1.0910. The pair is very well supported at that level and in our opinion depreciation below weekly S2 at 1.0889 is unlikely. We expect that the pair could trade between 55-day and 100-day SMA; although, ultimately we see it moving north.
Traders' Sentiment
The difference between the amounts of long and short positions open on USD/CAD has widened since the previous report, 73% and 27% respectively. In the meantime, the share of orders to enter the market reached 65%.
© Dukascopy Bank SA