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"The fundamental argument is still looking to be positive for the Canadian dollar based on the decent payrolls and the ongoing dialog coming from the Bank of Canada officials that they need to normalize policy as soon as possible."
-National Bank of Canada (based on Bloomberg)
Pair's Outlook
More and more signs point that bullish impetus is wearing of and that major bearish dip for the pair is just around the corner. However, taking in mind dynamics of market sentiment and shortage of major technical levels it seems pair is mostly influenced by monthly pivot point around 0.98 at the moment and might be range bound between it and downtrend resistance connecting 2nd of August and 5th of September highs.
Traders' Sentiment
Overwhelming majority of traders (72%) hold long positions on the pair as SWFX market sentiment remains strongly bullish throughout this whole week. Distribution of pending orders does not predict any changes as 55% of pending orders on the pair are to buy.
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