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- ING (based on CNBC)
Pair's Outlook
USD/CAD has recently confirmed 1.10 as the new support and therefore is set to push forward, as implied by most of the near-term indicators. However, in order to confirm its long-term bullish intentions, the rate also has to overcome 1.1192/80 (weekly R1 and Bollinger band), which appears to be a challenge at the moment. Then 1.1298 will become the next objective.
Traders' Sentiment
The optimism in the market is gradually fading, since the bulls continue to lose ground. Their current percentage—55%, is below the yesterday's figure of 57% and below the 10-day average of 60%. At the same time the amount of traders willing to short sell the buck fell from 70% down to 61%.
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