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"The trend of slower growth in Canada is going to have an impact from a broad perspective, and the immediate knee-jerk reaction is to sell the currency on the back of a miss on an influential data point."
- Bank of Canada (based on Bloomberg)
Pair's Outlook
Yesterday's bullish advance, has managed to continue, since today USD/CAD experienced another slight bullish movement. At the particular moment the currency couple is gradually moving towards the weekly PP at 0.9955, which will probably bring some bearish momentum. In addition, the overall indicator outlook is bearish, therefore a soon tendency change might be expected in the nearest future.
Traders' Sentiment
SWFX market participants have slight uptrend expectations, as 59% of traders hold long positions. The distribution of orders as well spots some bullish tendency expectations, since majority of orders (54%) are to buy the U.S. Dollar.
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