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"Growth prospects in the U.S. are obviously key for Canada and the prospect of QE3 is not particularly good for the U.S. dollar and since yesterday the (U.S.) dollar has been sold off on that basis. The Canadian dollar is likely to stay within a range between C$1.0250 and $1.0350 for the next 24 hours."
- Canadian Forex (based on Reuters)
Pair's Outlook
USD/CAD inched lower today as the news that the Eurozone members will support the Spanish banking system has spread optimism among investors. Thus, the Canadian dollar appreciated against the greenback. If the bearish mood intensifies, 1.0174 (PP Monthly) is going to be the first support among bearish investors. A breakout here would expose 1.0088 (200-day ma) and 1.0009 (S1 Monthly; 100-day ma).Traders' Sentiment
The vast majority of market participants hold bearish view on the pair (75%), expecting USD/CAD to move South over the short term. Within 100 points from 1.0201, the majority of currency traders hold bullish view on the currency couple.
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