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- Bank of Nova Scotia (based on Bloomberg)
Pair's Outlook
The cross ticked higher today, forming the daily high at 1.188, the monthly R2. However, the momentum did not continue for too long and is seemed like the Bollinger band level at 1.186 was holding some kind of resistance position for the CAD to prevent the further weakening versus its US counterpart. In addition, in case of a move higher, the pair will have to surpass the monthly R1 level first, to retest the Friday daily high again.
Traders' Sentiment
Those traders who were holding the long pending orders for the USD/CAD experienced an approval of their forecasts, as the pair ticked higher 60 pips today. Meanwhile, 60% of all expect the cross to appreciate even further.
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