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– Masafumi Yamamoto, Mizuho Securities (based on Reuters)
Pair's Outlook
In contradiction to other currency exchange rates, in which the US Dollar is involved in, the USD/CAD did not start the new week with a stronger US Dollar. Upon the start of Monday's trading the Canadian Dollar recouped all losses suffered since October 24, as the rate started the session at the 1.3352 mark. However, by mid-day the currency exchange rate had surged and challenged the weekly PP at 1.3408. Meanwhile, daily aggregate technical indicators forecast that the rate will jump.
Traders' Sentiment
Traders have decreased their bearish sentiment, as 58% of open positions were short on Monday, compared to 64% on Friday. Meanwhile, trader set up orders have shifted to the bearish side, as 53% of pending commands are to sell the Greenback.
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