© Dukascopy Bank SA
"Every piece of data we're getting is confirming weather has impacted growth but it hasn't derailed growth, and globally central banks aren't really moving away from their stance, and the Bank of Canada holds a very neutral tone, not a dovish tone. All of that is very good for a pro-cyclical currency like the Canadian dollar."
- Bank of Nova Scotia (based on Bloomberg)
Pair's Outlook
Pair received a major bullish impetus from weekly S2 yesterday and returned back till weekly PP, where it was failed only few days ago. Weekly PP and weekly R1 should not cause much trouble, but resistance around 1.12 seems very likely to send it trailing till 1.090.
Traders' Sentiment
Bulls strengthened their presence further. At the moment they account for 74%, 5% more than yesterday and 13% more than few days ago, of market participants. Short side of pending orders, however, expanded by 15-40%, till 57-67%.
© Dukascopy Bank SA