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- Oded Shimoni, Junior Currency Analyst, (based on Daily FX)
Pair's Outlook
USD/CAD cut its way towards the upper trend-line of the four-month ascending channel short, expressing a slightly bearish attitude with further risk at 1.3130. In case the pair moves in favour of a profound channel continuation, supply pressures around 1.3207/18 will have to show some weakness against the pair's upward momentum, for the channel upper trend-line and 200-day SMA cluster to become attainable at 1.3266/73. A dissatisfying US fundamental data reading could, however, pull the rate as low as 1.3024/21 with several significant support levels lying just underneath.
Traders' Sentiment
SWFX trader sentiment at the moment is 73% bearish. In the meantime, pending commands are 55% to sell the US Dollar.
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