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- CIBC World Markets (based on Reuters)
Pair's Outlook
The USD/CAD currency pair has posted five straight daily gains this week and currently it is trading above the major level at 1.11. At the mean time, the technical studies have become less bullish; although, the monthly technicals are still to the upside. If the pair continues to strengthen its positions above the 1.11 mark then the monthly R3 at 1.1167 might be approached in the near time. Yet, there are downside risks as well.
Traders' Sentiment
An overwhelming majority of the SWFX market participants consider the U.S. Dollar still to be undervalued relative to the Loonie. Right now 71% of traders are long the buck, while merely 29% of them believe the currency is going to fall in price.
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