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- RBC Capital (based on CNBC)
Pair's Outlook
The US Dollar behaved according to the forecast yesterday, as it declined 97 pips against its Canadian counterpart. The Loonie received a sufficient boost by rising oil prices, which allowed the USD/CAD to drop to the 1.32 major level. However, the Greenback is expected to rebound today and avoid falling to the support cluster around 1.3150, ultimately causing the pair to plunge from the multi-year highs. The 20-day SMA and weekly PP now forge a resistance cluster around 1.3230, limiting the Buck upside potential.
Traders' Sentiment
Bearish SWFX traders' sentiment remains unchanged at 72%, whereas the portion of orders to acquire the US currency declined from 70 to 64%.
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