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- Sumitomo Mitsui Trust Bank (based on Market Watch)
Pair's Outlook
The USD/CAD was unable to post significant gains on Thursday, but appreciated nonetheless. With the tough resistance cluster around 1.3330 level breached yesterday, the Buck is poised for another rally. However, a strong bullish development is doubtful, as the pair appears to have lost most of its steam after surging on Wednesday. Furthermore, the 1.34 major level is also providing relatively tough psychological resistance, suggesting gains are to be limited. Technical indicators, on the other hand, are unable to confirm the possibility of a rally, as they are giving mixed signals today.
Traders' Sentiment
There are 70% of traders holding long positions today, compared to 69% on Thursday. At the same time, the number of orders to sell the US Dollar dropped dramatically, namely from 63 to 51%.
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