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- Cambridge Mercantile Group Corporate (based on Bloomberg)
Pair's Outlook
The bearish momentum in USD/CAD intensified today as the US economic recovery is losing pace as the labour costs declined last quarter (1.3% act./2.0% prev.). If the bearish reversal adds to gains, 1.0284 (S1 Weekly; Initial support line) is likely to be targeted by the bears. If the level is left behind, 1.0174 (PP Monthly) and 1.0008 (100-day ma) are going to be in focus among bearish investors. However, the pair to preserve long-term bullish trend as it is trading above 200-day moving average.
Traders' Sentiment
The overwhelming majority of currency traders (91%) currently is expecting USD/CAD to plummet, while over the 100-pip range, the bearish momentum is likely to ease as it is expected by 67% of market participants.
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