© Dukascopy Bank SA
"If they stop printing money, then it's positive for the U.S. dollar. It's more or less Fed officials preparing the market for the inevitable, which is when it will come to an end."
- CIBC (based on Bloomberg)
Pair's Outlook
Pair appreciated by more than 120 pips today after receiving a bullish impetus from 100-day SMA yesterday. Looking at daily technicals, it seems that pair wont manage to advance above 1.03 this time. It is likely to dip back in to the boundaries of the Bollinger band (1.023).Medium term technicals, however, predict a further appreciation of the pair which might be triggered right at the beginning of a new trading week.
Traders' Sentiment
Traders sentiment towards the loonie remains highly negative. At the moment it is the most sold major currency across the boar. As a consequence it is not much of a surprise is the fact that—trades are highly bullish towards the pair (74%). In addition, 68% of pending orders are to go long as well.
© Dukascopy Bank SA