© Dukascopy Bank SA
- TD Securities (based on Bloomberg)
Pair's Outlook
USD/CAD lost around 100 pips on Friday; however, the pair still managed to post weekly gains. At the beginning of this week the Greenback seems supported above the major level at 1.13; however, it has not gathered the strength necessary to reverse Friday's decline. We see the pair climbing higher and to test the weekly PP at 1.1354; moreover, both the weekly and monthly technicals are giving ‘buy' signal.
Traders' Sentiment
An overwhelming majority of the SWFX market participants consider the U.S. Dollar to be undervalued relative to the Loonie. Right now 73% of traders have opened long positions, while merely 27% of them believe the currency is going to prolong its current decline.
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