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"Looking forward to the Bank of Canada meeting next week, it suggests they're not going to have much evidence to continue emphasizing the downside risk as much, which should be a marginal positive for the Canadian dollar."
- Royal Bank of Canada (based on Reuters)
Pair's Outlook
For the second straight day USD/CAD is attacking monthly S1 at 1.0912; although, it has not been able to break this level. This support level is rather strong as it is the lowest trading level since February; however, if it gets broken then some further drop might be expected. Nevertheless, we see the pair appreciating and that is also supported by the majority of the monthly technical indicators.
Traders' Sentiment
The gap between the bearish and bullish SWFX traders is little changed and at the moment 72% of them are bullish. Concerning the orders placed 100 pips from the spot, there are now more commands to buy – specifically 69%.
© Dukascopy Bank SA