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- BNP Paribas (based on WBP Online)
Pair's Outlook
The USD/CAD currency pair behaved according to the forecast yesterday. A decline took play on Tuesday, with the US Dollar ending the trading session at 1.2036 - between the weekly S1 and monthly S3. Technical indicators keep emitting mixed signals, while we are still expecting the Greenback to fall for the third day. The monthly S3 is unlikely to prevent the slump, but a strong support cluster rests at 1.20. Furthermore, if the US fundamentals disappoint too much, the Buck might even retreat to the Jan 19 low at 1.1932, also bolstered by the lower Bollinger band.
Traders' Sentiment
The share of longs increased from 54 to 59%, whereas 54% of all commands are now to acquire the US Dollar (previously 51%).
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