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- Bank of Tokyo-Mitsubishi (based on Business Recorder)
Pair's Outlook
Disappointing US fundamentals weighed on the Greenback on Friday, pushing the USD/CAD to a fresh one-week low of 1.3055, where the 20-day SMA was located. Although the pair opened just under the monthly PP, a correction is still likely to dominate trade today. The USD has the potential to recover all the way up to the 55-day SMA at 1.3172, but risks of edging lower persist. The bottom target lies at 1.30, namely the weekly S1 and the 100-day SMA, but only if the exchange rate somewhat stabilises below the 20-day one.
Traders' Sentiment
After remaining unchanged for a week the share of bulls and bears changed today, taking up 48% and 52% of the market, respectively. Meanwhile, the portion of buy orders slid 16% points to 36%.
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