© Dukascopy Bank SA
- BNZ (based on Reuters)
Pair's Outlook
Despite poor readings of the US fundamentals yesterday, the immediate support managed to hold the losses at 1.3916, therefore, extending the USD/CAD consolidation trend for another day. The pair has been trapped between the monthly R3 and the 2004 high for three days in a row now, thus, a rebound is anticipated today. Volatility could well stretch out to the 2004 high at 1.4002, but the Buck might still settle closer to 1.3950. Meanwhile, technical studies retain mixed signals, bolstering the possibility of the consolidation period being extended.
Traders' Sentiment
Today 75% of traders retain a bearish outlook towards the USD, whereas the portion of buy orders inched up from 46 to 59%.
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