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Pair's Outlook
The greenback appreciated against the loonie today and the pair moved closer to the weekly R1 at 1.1055. We suspect that the currency pair will continue its uptrend by climbing slowly towards the weekly R1 and 55-day SMA at 1.1055/63. At the same time the technical indicators suggest that some setbacks might be possible; however, in general the pair is poised for an advance.
Traders' Sentiment
The SWFX traders are getting less and less convinced that the U.S. Dollar is going to appreciate relative to the Canadian peer; but overall the bulls are still in a distinct majority, as they take up 57% of the market, and this is a significant advantage over the bears (43%).
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