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- Barclays Capital (based on Reuters)
Pair's Outlook
The loonie advanced so rapidly that the exchange rate exceeded the upper Bollinger band by 70 pips for a moment on Friday's trading session. Today the pair consolidates slightly lower, at 1.0282, where the Bollinger band is currently positioned. USD/CAD has to take a break while technical indicators catch up the spot price, thus in that time the pair might slightly slip, to a 1.0226 level, where the weekly pivot point merges with the monthly R1.
Traders' Sentiment
Investors enjoy the upside movement and open even more buy positions. Currently the market is divided into 71% of long positions and 29% of short. Waiting orders segment is bullish with 72% of buy orders.
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