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"We've got our eye on the GDP revisions as we expect upward net impact on the Canadian dollar. Sentiment would be positive since we're talking about a slightly more positive economic picture"
- Toronto-Dominion Bank (based on Bloomberg)Pair's Outlook
The interim uptrend failed to continue, as today USD/CAD experienced a significant bearish correction, and now the currency couple is about to test the weekly S1 at 0.9779, however, if it is broken, then the price might reach the lower Bollinger band at 0.9718, which in turn is expected to change the direction of the prevailing tendency. Moreover, RSI indicator shows a neutral signal, therefore no significant trend reversals are expected in the nearest future.
Traders' Sentiment
Although the U.S. Dollar is one of the least preferred currencies at SWFX market, 73% of traders hold bullish positions and only 27% of traders hold bearish positions. As for the orders, 60% of them are to buy the greenback and 40% are to sell it against the Canadian Dollar.
© Dukascopy Bank SA