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- Nomura (based on CNBC)
Pair's Outlook
The US Dollar experienced minor volatility on Monday, ending the day with a 12-pip rally. The Bollinger band shifted higher today, now acting as the closest resistance, rather than the weekly R1 at 1.3886. Meanwhile, the USD/CAD is also supported by the monthly R2, a level which limited yesterday's downside volatility, with another possibly sufficient demand to limit the losses at 1.3625, represented by the weekly PP. Meanwhile, according to technical indicators trade could close far from the immediate support at 1.3720.
Traders' Sentiment
Today 73% of traders hold short positions, compared to 74% on Monday. At the same time, the portion of orders to buy the Buck added 14% points. The commands now take up 52% of the market.
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