© Dukascopy Bank SA
"Yes, we'll balance and it won't be close, we're in good shape. We could have a larger surplus than we anticipated but we will have a surplus."
- Canada's Finance Minister (based on Bloomberg)
Pair's Outlook
No major changes in the pair's behaviour is observed today or expected any time soon. We see it continuing to consolidate above 1.06 with slight bullishness, but very unlikely peak above 1.07. We do not see that anything could shake the pair enough to kick it above new relative high. In case of an unexpected failure the should remain above 1.06. Dip below it could provoke a major sell off.
Traders' Sentiment
Market sentiment is exactly where we left it on Friday. Bulls hold 52% of open positions and bullish side of pending orders is in 45% to 50% range, depending on the range around the current market price.
© Dukascopy Bank SA