USD/CAD puts pressure on 0.9837/08

After a prolonged period of hesitation USD/CAD has finally confirmed its bearish intentions, as a rising support line has been breached, though 0.9837/08 still holds and is expected to decelerate development of a down leg further on. Still, there is 0.9760/55 ahead, buying pressure at which could negate the downward momentum.

Most of SWFX market participants (68%) remain convinced that the greenback is going to outperform the Canadian Dollar, whereas 32% of them deem an alternative scenario to be more likely. The ratio between buy and sell orders is 46% to 54%, respectively, and thus is neutral.