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(based on Bloomberg)
Pair's Outlook
The USD/CAD pair hiked another 200 pip higher from the previous close at 1.211. At the same time, the pair entered the overbought state. The market was mainly driven by the bulls today, as the bears could only pressure the pair lower during the early Wednesday session. Thus, the daily low was formed at 1.206 level. In comparison with some other Greenback pairs, it looks like the currency appreciated versus its major counterparts today.
Traders' Sentiment
Taking into account the indicators, the USD/CAD pairs' sentiment is neutral on the daily, weekly and monthly period. Meanwhile, due to the recent appreciation of the USD, all the 24% of the 50– pip pending orders were triggered to go long.
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