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"The market is comfortable from both a technical and fundamental perspective to push the Canadian dollar higher, and in the absence of any cautionary talk from the Bank of Canada or the finance minister it looks like it's going to continue to trend that way."
-National Bank Financial (based on Reuters)
Pair's Outlook
Pair is continuing to depreciate, but market participants continue to expect recovery of the pair even after it reached the lowest level in more than 12 months today. Stochastic indicator suggests we should see a bullish correction in the near future as Bollinger band and downtrend support at 0.9735 should pullback the pair, but lack of strong support levels below the current price increase probability of further depreciation of the pair.
Traders' Sentiment
For the second day in a row traders sentiment is not changing — 71% of traders hold long positions on the pair. Share of pending buy orders increased by 4% since yesterday and returned to the weeks opening level at 54%.
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