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- Canadian Imperial Bank of Commerce (based on Bloomberg)
Pair's Outlook
USD/CAD strengthened above the 1.09 level this week and now it is trading above the 200-day SMA; although, for now it has not managed to consolidate closer to the 1.10 mark. Meanwhile, the monthly technical indicators point to the upside, suggesting that we will see the pair climbing higher, possibly reaching the previously mentioned 1.10 level. In our opinion the USD/CAD cross will be pushed higher with a help of its bulls.
Traders' Sentiment
As evidenced by the SWFX traders' sentiment, about six out of ten traders believe that the U.S. Dollar is going to appreciate relative to the Canadian peer. In the meantime, the portion of sell orders declined, from 55% to 51%
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