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- Cambridge Mercantile Group (based on Reuters)
Pair's Outlook
It seems the greenback has regained its bullishness as the pair has appreciated for a third straight trading day. The next target is the weekly R2 at 1.0915, which should not be too much trouble for greenback. The technicals are mixed, with slightly bearish weekly outlook on the one hand and with slightly bullish monthly outlook on the other hand. We expect the greenback breaking the 55-day SMA and monthly R1 at 1.0940/62.
Traders' Sentiment
The traders' sentiment with respect to USD/CAD stays explicitly bullish, since as many as 70% of open positions are long. In the meantime, the relative number of sell orders is growing—100-pips from the spot price their share increased from 29% to 60%.
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