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"What we're seeing is a rally in risk-related assets, including the Canadian dollar, because of a better-than-expected U.S. employment reading"
- BMO Capital Markets (based on Reuters)Pair's Outlook
The 200-day SMA did not permit development of an up leg and therefore initiated a bearish correction. Support at 0.9958 has already gave in, exposing 0.9923/00, which in turn may prompt buyers to activate and drive the price back to parity and possibly even higher. Technical indicators for now are mixed, adding to obscurity surrounding the near-term outlook.
Traders' Sentiment
SWFX traders' sentiment is neutral towards USD/CAD, since the portion of bulls is 55% and 45% of traders keep on holding short positions, albeit distribution between buy and sell orders is slightly tilted to the buy side, which is 57% of all the commands placed on the pair.
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