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"The consumer-confidence data seems to have been a catalyst for broad U.S. dollar buying -- we're seeing it against the euro and we're seeing it against the Canadian dollar. It suggests the Fed is likely to start its tapering of quantitative easing sooner rather than later."
- National Bank of Canada (based on Bloomberg)
Pair's Outlook
After a significant consecutive gains in last few days, pair did not manage to advance above 1.04 where it can be found today. At some point it had lost almost all of its yesterdays gains, however pair managed o return much closer to 1.04. Technical indicators suggest that pair will attempt to breach the mentioned level once more. However, medium and long term technicals suggest that pair might lack a catalyst to advance further.
Traders' Sentiment
It is rather likely that pair will maintain bullish trend as 71% of traders have already bought the greenback against the loonie and 72% of all pending orders are set to do the same.
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