© Dukascopy Bank SA
- CIBC (based on Reuters)
Pair's Outlook
As expected, the 55-day SMA, in conjunction with the weekly pivot point, managed to provide sufficient support in order to push the price higher, which in fact is already testing the 20-day SMA. Continuation of the bullish move beyond 1.0192 will imply a rally up to 1.0219, though we should note existence of considerable downside risk, as daily technicals remain strongly bearish.
Traders' Sentiment
The share of bullish towards USD/CAD traders increased by a fraction over the weekend, up to 71%, whereas bears stay in a distinct minority—29% of the market. However, the portion of buy orders (80%) on the currency pair went down, though the difference is still substantial.
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