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- Commerzbank (based on CNBC)
Pair's Outlook
The Canadian Dollar outperformed its US counterpart in Thursday, falling slightly beyond the expected level of 1.31. The USD/CAD remains supported by the strong resistance cluster just under the opening price, which could still cause the Greenback to rebound. If the support holds, the Buck will still have little space for a rally, as the 55-day SMA and the weekly R2 are forming a resistance around 1.3170. Technical indicators, however, are giving bearish signals, suggesting the pair is to sustain more losses, but a drop below 1.30 is doubtful.
Traders' Sentiment
Traders' sentiment keeps deteriorating, as 52% of all positions are now short. The share of purchase orders edged up from 53 to 79%.
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