© Dukascopy Bank SA
- Bank of Montreal (based on Bloomberg)
Pair's Outlook
This week pair's performance has been very inconsistent, at the beginning of the week the pair advanced but later lost all of its gains. However, today the greenback received a strong bullish impetus from informational shock and breached the 1.07 mark. The next target level is the weekly R2 and 2013 high at 1.0733/38. Although, if it is broken then slightly higher there is the monthly PP and weekly R3 at 1.0760/69, which will be a substantial obstacle.
Traders' Sentiment
An overwhelming majority of the SWFX market participants consider the U.S. Dollar still to be undervalued relative to the Loonie. Right now 75% of traders are long the buck, while merely 25% of them believe the currency is going to lose its bullish momentum.
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