© Dukascopy Bank SA
- BNP Paribas (based on FXStreet)
Pair's Outlook
Improvements in Canadian Retail Sales last Friday outweighed the negative CPI figures, allowing the USD/CAD to fall down to 1.4115. Risk sentiment remains fragile, therefore, we could see the Greenback rebound today. The 20-day SMA, namely the immediate resistance, is struggling to limit the gains, but the second target at 1.4307 is unlikely to be reached. Meanwhile, the pair is supported by the monthly R1 at 1.4124, while technical indicators keep giving bullish signals.
Traders' Sentiment
Market sentiment barely changed, as 62% of all open positions remain short (previously 61%). The majority of all pending orders shifted to the bullish side, taking up 51% of the market.
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