© Dukascopy Bank SA
- Canadian Imperial Bank of Commerce (based on Bloomberg)
Pair's Outlook
After reaching the major level at 1.10 the pair seems to be stabilising its positions around this level. We are expecting USD/CAD to trade around the monthly R1 and weekly R2 at 1.0980/1.1005, respectively. Nonetheless, a bearish correction should not be excluded, the pair might as well slide towards weekly R1 and 200-day SMA at 1.0946/41. The daily and weekly technical studies remain neutral, thus favouring the scenario with a period of consolidation.
Traders' Sentiment
Market sentiment remains almost unchanged as bulls hold 65% of all of the open positions on the pair. Meanwhile, the share of buy orders grew from 61% up to 69%.
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