© Dukascopy Bank SA
"BoC Governor Poloz' great worry is inflation and on the back of that he continues to strike a CAD negative and dovish tone; while domestic releases have disappointed materially this year (trade, PMI, employment, etc.) and finally there has been no relief of the uncertainty surrounding the Canadian oil sector."
- Bank of Nova Scotia (based on the Globe and Mail)
Pair's Outlook
Pair extended it's gains today, but failed to breach 1.10 and at the moment is trading approximately 50 pips below it. We think that pair should not loose bullish bias due to this, but rather will spend some time consolidating around 1.095 and will attempt to breach 1.10 in the medium to long term. In case of an unexpected failure the pair should find support around 1.085.
Traders' Sentiment
Virtually no change is seen in the market sentiment. Bulls continue to hold 62% of all open positions. Share of long pending orders increased by 7% in the 50 pip range (till 43% overall), but no change seen in wider range around the current market price.
© Dukascopy Bank SA