© Dukascopy Bank SA
"For the Canadian dollar, the quiet moves reflected a quiet day. It's the calm before the storm."
- TD Securities (based on The Wall Street Journal)
Pair's Outlook
Daily technical indicators speak about pairs potential and propensity to advance above 1.03, but it seems that for the moment pair lacks catalyst which could start and fuel the rally. Readings coming from Stochastic indicator, which usually predicts major turn points, in the medium and long term and expectations of major market participants cause some anxiety for the bulls.
Traders' Sentiment
Bears are continuing to dominate in significant share of the market. They are holding 56% (-2% since yesterday) of outstanding positions on the pair in the market. Same share of pending orders however, is to go long.
© Dukascopy Bank SA