© Dukascopy Bank SA
- Royal Bank of Canada (based on Reuters)
Pair's Outlook
This once again has been a great week for the USD/CAD bulls, as the pair continue to appreciate. Just today the Greenback breached the monthly R1 at 1.1527, but it already is targeting the weekly R2 and the major level at 1.1573/1.16. We expect the pair to test the 1.16 and if the volatility remains high enough then this level will not be a obstacle. Although, at the same time we do not see the pair trading much higher above the up-trend's resistance.
Traders' Sentiment
The portion of bulls lost three percentage points, but still an overwhelming majority of traders expect further strengthening of the greenback, specifically 70% of them. At the same time the gap between the buy (39%) and sell (61%) orders is narrowing.
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