© Dukascopy Bank SA
- Commerzbank (based on CNBC)
Pair's Outlook
As anticipated, the 1.29 level failed to hold the losses on Thursday, causing the USD/CAD to plunge to the second support cluster. Although this cluster managed to limit yesterday's losses, the Greenback might not be so lucky today. Technical studies are giving bearish signals in the daily timeframe and the 1.29 psychological level, along with the 100-day SMA, is preventing the US Dollar from appreciating right now. The pair has been in a sharp bearish trend for the third week now and is unlikely to break out before testing the 1.5-year support trend-line currently near the 1.26 major level.
Traders' Sentiment
For the fourth consecutive day there are 52% of long positions. At the same time, the number of buy orders added 11% points to 57%.
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