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"We're of the opinion that it may not well be so much of a done deal that the Fed does more QE, so it may be the case that at these sort of levels there's potentially some small opportunities just to add to some dollar/CAD long positions on the basis that the U.S. dollar may well get a little bit of a post-Fed bounce."
-CIBC (based on Reuters)
Pair's Outlook
The pair is continuing to depreciate and is approaching channel down support level at weekly S1 at 0.9726. Although pair breached Bollinger band at 0.9768 suggesting that it is gaining momentum, it is highly unlikely pair will be able to hold below this level for a longer time.
Traders' Sentiment
Traders' sentiments remains bullish and hovers above 70% gauge for four weeks already. It decreased mildly during the weekend, but 71% of traders continue to hold long positions on the pair. Share of pending buy orders decreased by 3% and currently 51% of all pending orders are buy orders.
© Dukascopy Bank SA