© Dukascopy Bank SA
- UBS Wealth Management (based on CNBC)
Pair's Outlook
The Greenback failed to continue outperforming its Canadian counterpart, as the breached of the support in face of the monthly R3 set the USD/CAD on a downsliding journey. Nevertheless, the area around 1.3811 appears to have stopped the losses for now, causing the buying spree this morning. The weekly PP is now the nearest resistance at 1.3871, but a strong cluster is located above the 1.39 major level, namely the monthly R3 and the weekly R1. Technical indicators also point to a recovery, but risks of edging lower towards the weekly S1 at 1.3750 remain.
Traders' Sentiment
Bulls keep growing stronger, but remain in the minority of 30% (previously 25%). The share of buy orders dropped from 59 to 44%.
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