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"Buyers were ultra-aggressive knocking dollar-Canada down an hour after the data. That sort of move on a data point makes people change their perspective on a currency."
- ForexLive (based on Reuters)
Pair's Outlook
The levels that proved to be important in already distant years of 2009 and 2010, are still playing a significant role in shaping the chart. It may not yet be the case, but the support at 1.0302/1.0285 should stop extension of the latest dip. Even if it fails to do so, the rising trend-line at 1.0162, in conjunction with the 200-day SMA, is likely to initiate a robust rally.
Traders' Sentiment
A recent bearish correction did not affect the attitude of traders with respect to USD/CAD, where 72% of market participants are long the U.S. Dollar. As for the orders placed on the currency pair, there is at the moment almost no difference between the buy (52%) and sell (48%) ones.
© Dukascopy Bank SA