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- David Tulk, TD Securities (based on Reuters)
Pair's Outlook
The downward momentum USD/CAD received after encountering 1.0357 was sufficient in order to deliver the price to the support at 1.0295/67, which in turn is not willing to give in at once. The bullish response, however, was anticipated—four out of eight technical indicators on a daily chart were pointing in its favour. Still, the decline might have not come to an end, levels at 1.0231 and 1.0202 remain in danger.
Traders' Sentiment
Some of the market participants have used yesterday's decline to enter long positions on USD/CAD, which now constitute 75% of the total amount. Overall, traders avoid betting on loonie's appreciation, merely 32% of them are long on CAD in all of its crosses.
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