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– CIBC (based on Reuters)
Pair's Outlook
The Buck managed to recover from Tuesday's losses, adding more than 200 pips against the Canadian counterpart. The 100-day SMA prevented the USD/CAD pair from appreciating further and is still acting as a tough resistance today. On one hand, the Greenback risks falling back down and undergo a bearish correction. On the other hand, the exchange rate returned within the borders of an ascending channel pattern, which implies price is to begin moving higher up until the upper trend-line near 1.38 is reached. However, technical indicators are giving mixed signals, suggesting today's movements are likely to be very limited.
Traders' Sentiment
Bulls are barely outnumbering the bears, as 51% of traders are long the Buck, up from 57%. The share of buy orders inched up from 46 to 63%.
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