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- CIBC World Markets (based on Reuters)
Pair's Outlook
Yesterday USD/CAD fetched 1.0285/71, the area that is supposed to prevent the currency pair from moving any lower in the nearest future. However, the price hesitates to rise, being weighed upon by the nearest resistance at 1.0343/42, formed by the weekly pivot point and the monthly S1. Weekly and monthly indicators also do not speak in favour of the immediate surge from the current levels.
Traders' Sentiment
Conviction of market participants has strengthened even further over the past 24 hours, as evidenced by expanding percentage of long positions opened on USD/CAD. Right now 73% of traders expect the U.S. Dollar to gain in value. Meanwhile, the distribution between the buy and sell orders is respectively 63% and 37%, namely exactly the same as yesterday.
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