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"There are a number of concerns. The global growth backdrop, the U.S. growth backdrop and that I think is weighing on financial markets and keeping the Canadian dollar contained"
- HSBC Bank Canada (based on Reuters)
Pair's Outlook
USD/CAD remains under downward pressure during Tuesday session. In case a bullish reversal emerges, 1.0170 (PP Weekly) is going to be an initial resistance line for currency traders. If this level is left behind, investors might encounter the second and third resistance lines at 1.0229 (55-day SMA) and 1.0298 (Upper Bollinger band; R2 Weekly), accordingly.
Traders' Sentiment
The overwhelming majority of currency traders (71%) keep long position on USD/CAD whereas 29% 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 augment further.
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