© Dukascopy Bank
"We started off with a bit of risk aversion, and now we seem to be increasingly moving into some risk appetite and that tends to be positive for the Canadian dollar"
- Bank of Nova Scotia (based on Bloomberg)
Pair's Outlook
The pair committed a decline today after a strong really, initiated at the beginning of May. Bearish correction is likely to be confronted by the 200-day ma, where it will face a fierce resistance of bullish traders. Over the short run, 1.0143 will be an initial target for bearish market participants, a breach of which would pave the way towards 1.0088/58 zone.
Traders' Sentiment
Bullish traders' sentiment remains stable on USD/CAD currency couple, as 56% of traders' have entered the market with a buy trade, while only 44% of them consider the pair to deteriorate further. At the same time, in the 100-pip range, investors expect the bullish trend to continue (65% long positions versus 35% short positions).
© Dukascopy Bank