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– FXPrimus (based on Reuters)
Pair's Outlook
Monday ended with the USD/CAD pair remaining almost completely flat. Consequently, the situation is mostly unchanged today, as no major support or resistance was pierced. The weekly PP still acts as the closest supply level, which is likely to keep the US Dollar at bay in bulls take over, whereas the strong demand area around 1.3375, formed by the monthly PP, the weekly S1, the 20 and the 55-day SMAs, is to limit any possible losses. The support is much stronger than the resistance, thus, given there is no solid market mover to trigger sharp USD-selling, the Buck is expected to move higher, as technical studies suggest.
Traders' Sentiment
Market sentiment improved over the day, as 68% of traders hold long positions today (previously 66%). At the same time, 59% of all pending orders are still to sell the Buck.
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