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"The fact that we've got the Canada rate announcement on Tuesday will keep the Canadian dollar at bay until then."
- BMO Capital Markets (based on Reuters)Pair's Outlook
Choppy sessions continues as pair remains range bound between Bollinger bands at 0.975 and 0.986. Although impetus for the pair can come from any side, technical indicators force us to believe that as downside risk increases, dip at least to Bollinger band is almost imminent.
Traders' Sentiment
Bulls continue to hold overwhelming majority of the positions on the pair—72% of all positions on the pair are long. Pending orders continue to be around 50% in either side so we should not see much of a change in the near future.
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