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- Mitsubishi Corp (based on CNBC)
Pair's Outlook
In spite of several negative to the US Dollar signs, it still managed to outperform the Canadian currency after testing both the 1.33 and 1.34 levels. The weekly PP keeps providing resistance, which the USD/CAD was unable to pierce through all of the week, while the support cluster is still represented by the 20-day SMA, the weekly S1 and the monthly PP around 1.33. Technical studies, however, are giving bullish signals, suggesting the immediate resistance cluster is to be breached, with the second target located at 1.3450.
Traders' Sentiment
Although not as strong as yesterday, as 56% of traders hold short positions, compared to 58% on Thursday. There are still a lot of orders to sell the Greenback, namely 57% (previously 64%).
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