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- TD Securities (based on FXStreet)
Pair's Outlook
After reaching the weekly high yesterday, the USD/CAD currency pair dropped slightly down. Nevertheless, the US Dollar still settled above the 1.30 major level and is unlikely to give up easily. A rally is expected to take place today, with the immediate resistance still located at 1.3020, namely the weekly PP. Furthermore, if the US fundamental surprise to the upside, we could see the given pair surge above the 2009 high and negate the weekly losses. Technical studies are supporting the positive outcome with their bullish signs.
Traders' Sentiment
Market sentiment weakened again, as 44% of traders are now long the Buck (previously 45%). The share of purchase orders declined 14 percentage points. The commands now take up 48% of the market.
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