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- Societe Generale (based on CNBC)
Pair's Outlook
After a sharp rally on Wednesday, a correction took place, as the USD/CAD retreated to the weekly R2 yesterday. Moreover, with the help of the Bollinger band, not only losses were limited, but the pair was also pushed slightly back up, where it settled at 1.2546. The Greenback is likely to retain its strength through today and inch up against its Canadian counterpart. However, the Bollinger band now acts as an immediate resistance and will doubtfully allow the pair to go higher.
Traders' Sentiment
Bulls keep losing ground, as only 38% of traders hold long positions today (previously 41%). Meanwhile, the share of orders to acquire the American Dollar declined from 63 to 45%.
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