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"People are expecting more in the way of QE3 now potentially as soon as August and that's one of the factors we think that is preventing more of an erosion of risk appetite."
- RBC Capital Markets (based on Reuters)
Pair's Outlook
The American Dollar has slipped lower against the Canadian dollar since yesterday. If bullish reversal to occur, 1.0229 (PP Weekly) is likely to be the first target for bulls, followed by 1.0299 (R1 Weekly) and 1.0327 (Upper Bollinger band), respectively.
Traders' Sentiment
The overwhelming majority of traders (76%) keep long position on USD/CAD whereas 34% of investors expect the pair to decline over the short term. Over 100-pip range from the latest market price, 78% of market participants expect the pair to advance further.
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