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"It's very difficult to imagine Canada outpacing the U.S. economy in growth terms."
- Bank of Montreal (based on Bloomberg)
Pair's Outlook
USD/CAD edged higher and the bulls are attempting to fix above 55-day simple moving average. However, if the bearish trend
commences, investors might fix profits at 1.0168 (PP Weekly). A breach of this level is likely to open 1.0099 (200-day SMA) and
1.0043 (61.80% Fibo) in case bearish momentum gains strength. To keep the bullish inertia, the pair has to close above the 55-day SMA (1.0198).
Traders' Sentiment
The share of market participants holding long positions has not changed since yesterday as still 65% of traders keep long positions whereas 35% of market participants expect the pair to decline. Pending order allocation suggests that 61% of traders are bullish.
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