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"The (U.S.) dollar is lower against most of the majors overnight rather than being anything specific to Canada. There is plenty going on in Canada this week but not so much today really"
- RBC Capital Markets (based on Reuters)Pair's Outlook
USD/CAD has been trading within a broadening upward channel since mid-September and is presently facing the up-trend support line at 0.9920/08, price action in proximity of which is likely to largely define further tendency. Most of technical indicators give "sell" signals, though seniority of a bullish trend-line suggests that the break-out is unlikely to occur given the current conditions.
Traders' Sentiment
According to the change in SWFX marketplace sentiment index, more traders since the last week are now bullish towards USD/CAD, as the ratio between long and sort positions has become 63% to 37%, respectively. As for the orders, 54% of them are to buy and the rest (46%) are to sell the U.S. Dollar.
© Dukascopy Bank SA