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- Kit Juckes, Societe Generale (based on Bloomberg)
Pair's Outlook
A surge in oil prices boosted the Loonie on Tuesday, causing the USD/CAD to almost completely erase Monday's gains. Technical indicators insist the pair is to appreciate today, as they continue giving bullish signals in the daily timeframe. The weekly pivot point is now the closest resistance, with the monthly R3 and weekly R1 forming a stronger cluster just above the major level of 1.39. As a result, the Buck might negate yesterday's losses and create a consolidation trend. Meanwhile, the weekly S1 and the 20-day SMA around 1.3745 are the nearest cluster to limit the possible losses.
Traders' Sentiment
Today 67% of all open positions are short (previously 68%), while the portion of orders to sell the USD added 1% point up to 62%.
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