© Dukascopy Bank SA
"While this reduced activity represents a rounding error for the U.S. economy as a whole, it will have more of an impact on the economies of cities by the border such as Burlington, Detroit or Seattle. On the flip side, Canadian retailers and communities stand to benefit as much of this ‘lost' spending will likely take place within the domestic Canadian market."
- TD Securities (based on The Globe and Mai)
Pair's Outlook
Pair lost bullish momentum yesterday, but found support with the 20-day SMA today and is hovering slightly above it. We expect it to stall here for a few more days, but to test 2014 high in the nearest future. Peak above it would put weekly R2/monthly R1 on the map. Failure to reach new high is unlikely to provoke any major drops, at least not below 1.10 mark.
Traders' Sentiment
Bullish side of open positions increased by 4%, till total of 57%. But it seems that most, if not all, of this change came from triggering of pending orders. Bullish side of it contracted by 5-15%, depending on the range, and is approximately at 55% range.
© Dukascopy Bank SA