© Dukascopy Bank SA
"The Canadian dollar appears to be the currency of choice for those looking to hedge fiscal-cliff risk."
- Bank of Nova Scotia (based on Bloomberg)
Pair's Outlook
Despite a rather choppy session today pair is continuing its humble rally as 100 and 20-day SMA's seems to have become strong support levels for the pair. However, current market sentiment and recent developments around 0.99 area suggests that pair might not breach this important level at once but, rather do so (if to do at all) in the course of 2-3 days while.
Traders' Sentiment
Greenback is continuing to be much more proffered than his counterpart, the loonie—70% of trades hold long positions on the pair. It seems that bulls will continue dominate in the market as they hold small edge since 53% of all pending orders on the pair are to go long as well.
© Dukascopy Bank SA