© Dukascopy Bank SA
"It's only one month's data in a fresh quarter, but this is a pretty impressive U.S. retail sales print"
-Derek Holt, Scotiabank (based on Reuters)
Pair's Outlook
USD/CAD is posing for a recovery which could be possible if 0.9941/47 (Monthly S1; Weekly PP) is breached. US core retail sales and PPI data might have been the boost needed for the pair to start moving back above par level, however, drop to 0.9874 (Weekly S1) is equally likely in the short term.
Traders' Sentiment
More than two thirds (70%) of traders have long positions open on the pair anticipating the recovery of the pair. Meanwhile, in 100-pip range from the current market price, pending orders are equally divided between long and short trader raising the question about further depreciation of the pair.
© Dukascopy Bank SA