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"If you can get risky assets performing better and policy continues to head in the right direction in Europe, then that would be the next big thing to drive the currency higher"
- Royal Bank of Canada (based on Reuters)Pair's Outlook
The currency pair is presently well-positioned to trim its prior gains since September 14, being unable to continue its advancement above 0.9859/64. In order to confirm bearish intentions, USD/CAD should violate 0.9806/0.9798, this is turn will allow the price to go as low as 0.9717 or even 0.9678/70 in light of absence of any notable supports nearby.
Traders' Sentiment
Traders continue to favour the greenback over the loonie, being that 64% of positions on USD/CAD are long and 36% are short. Besides, buy orders, the share of which is currently 64%, should provide considerable support if the pair fails to step higher and starts to lose ground instead.
© Dukascopy Bank SA