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"What's driving the CAD/USD is more likely greater confidence in U.S. activity versus any sort of concern with Canada."
- Macquarie Capital Markets (based on Bloomberg)
Pair's Outlook
Pair started week rather calmly staying in ~15 pip range, but tried to significantly advance today. However, first major resistance level at 100-day SMA became a tough task and pair dipped more than 40 pips after receiving a bearish impetus from it. At the moment it is depressed under weekly PP/monthly S1 and it does not seem it will advance higher for the time being.
Traders' Sentiment
Greenback gained additional trust from the traders during the weekend—at the moment 71% of outstanding positions on the pair are to go long (5% increase since Friday). Majority of pending orders are remaining to go long as well (56%).
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