© Dukascopy Bank SA
- TD Securities (based on Reuters)
Pair's Outlook
USD/CAD is underpinned near the major level at 1.13; although, yesterday the pair slipped even below this level. We see this as a long awaited correction before a recovery and possibly new highs. Moreover, for now the lowest level which we see approached is around the 1.1250, where the monthly PP and weekly S1 at 1.1242/41 is located. The rebound most likely will start, after a slide below the 1.13 mark.
Traders' Sentiment
Even though there are relatively less bullish market participants than few days ago, the overall sentiment towards USD/CAD is distinctly positive—more than 70% of positions are long. As for the orders, 62% are to purchase the buck against the Loonie.
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