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- John Finlayson, Executive VP at Business Council of British Columbia based on The Record)
Pair's Outlook
Despite a neutral daily outlook, USD/CAD is continuing its slide, and now is reaching towards the weekly S2 at 1.0019. The pair is also continuing its Downward Channel movement, so a trend change is likely in near-term. All traders should pay attention to the psychological parity level (1.00), which is likely to be a strong support for the pair. If we see bullish moves in the upcoming days, we are likely to see the pair rebounding to 1.0188 (weekly R1).
Traders' Sentiment
Bears are gaining strength on USD/CAD, as today 68% of market participants (up from 55% yesterday) favor and expect the pair moving south. The rest 32% of traders are looking forward a bullish price correction in near term.
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