© Dukascopy Bank SA
- Commonwealth Bank (based on Business Recorder)
Pair's Outlook
The USD/CAD currency pair took advantage of slumping oil prices yesterday and made another step closer to the 2004 high, piercing the immediate tough resistance cluster. Today the Greenback is supported by the monthly R3 and weekly R1 around the psychological level of 1.39, while the Bollinger band is providing immediate resistance around 1.3959. Volatility could stretch out to the 2004 high today, but this level is unlikely to reconquered just yet, as the pair lacks the sufficient impetus in order to breach it.
Traders' Sentiment
The portion of bears and bulls remained unchanged, taking up 73% and 27% of the market, respectively. Meanwhile, the number of orders to sell the Greenback declined lost 2% points, down to 71%.
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