© Dukascopy Bank SA
- Scotiabank (based on Reuters)
Pair's Outlook
The pair is trading considerably lower, after yesterday's test of 1.12 level that sent USD/CAD to the current trading levels. For the pair's bulls it is very important to hold the Greenback above the 1.11 mark, as a drop below could lead to a sell-off towards the weekly S2 and 55-day SMA at 1.1003. Nonetheless, the weekly and monthly technicals are suggesting that the current bearishness is just a correction, as they point to the north.
Traders' Sentiment
The sentiment towards USD/CAD stays strongly bullish as 72% of the SWFX market participants have opened long positions on the pair. Concerning the buy and sell commands placed, their numbers are almost identical at the moment—52% are set to sell.
© Dukascopy Bank SA