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- Toronto-Dominion Bank's TD Securities unit (based on Reuters)
Pair's Outlook
This year's high has been breached even sooner than anticipated previously, as USD/CAD has approached the 1.14 level. Moreover, the current trading levels are unseen since the summer of 2009. And there are still no major indications of the pair being overbought as the majority of the technical indicators are giving buy signals. The next target level is the major level at 1.15; however, to attack this significant level the pair has to consolidate above the monthly R1.
Traders' Sentiment
An overwhelming majority of the SWFX market participants consider the U.S. Dollar still to be undervalued relative to the Canadian peer. Right now 75% of traders are long the buck, while merely 25% of them believe the currency is going to fall.
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