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- Westpac (based on WBP Online)
Pair's Outlook
The American Dollar suffered a rather serious loss against the Canadian Dollar on Tuesday, having slumped to the lowest since the last quarter of 2015. The Bollinger band and the weekly S2 are now weighing on the USD/CAD currency pair, while the 1.2750 level appears to be providing support, despite the closest level being the monthly S1 at 1.2722. Due to the demand at this ‘phantom support', the Greenback could experience a correction today, climbing back over the lowest level of Q4 2015. Technical studies retain mixed signals, unable to confirm either scenario, although other signs point to a decline.
Traders' Sentiment
Bullish traders' sentiment remains unchanged at 56%. There are less orders to acquire the Greenback today, namely 44%, compared to 72% on Tuesday.
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