© Dukascopy Bank SA
- Bank of Nova Scotia (based on Bloomberg)
Pair's Outlook
The down-trend resistance line failed to stop USD/CAD from recovering and thereby exposed 0.9947. Now there are only few doubts that the bullish impetus will not be capable of pushing the price up to the 200-day SMA at 0.9982/66. There we may expect a strong sell-off, which has been implied by the technical indicators for a long time, but still has not been observed.
Traders' Sentiment
The difference between the shares of bulls and bears has narrowed, but this has not introduced any changes to the fact that the pair is substantially overbought—72% of positions are long and 28% of them are short. At the same time 63% of orders are to acquire the U.S. Dollar and 37% are to sell it against the loonie.
© Dukascopy Bank SA