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- Cambridge Mercantile Group (based on Reuters)
Pair's Outlook
The pair still has not received enough bullish impetus to surpass the monthly PP at 1.0760. If the shorter term technicals are largely neutral, then four out of eight monthly indicators suggest to buy. In the near term we see USD/CAD moving sideways with a slight tendency to move higher. The pair seems well-supported around the 1.07 level with the weekly PP and also 20-day SMA slightly lower; therefore, the pair's decline is unlikely, to our mind.
Traders' Sentiment
The SWFX traders are still strongly bullish. 71% of them expect the Greenback to outperform the Canadian peer, even though they lost three percentage points. Concerning the buy and sell commands placed, their numbers are completely identical at the moment.
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