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- ANZ (based on WBP Online)
Pair's Outlook
The USD/CAD chose the less likely scenario yesterday, as the pair remained relatively unchanged and inched closer towards the 1.27 mark. Moreover, the pair appears to be in a consolidation trend, as it was unable to breach the 1.2750 level, which is reinforced by the monthly S1 and now also by the weekly PP, and the lower boundary in face of the 1.2650 mark. According to technical indicators, Monday's gains could be erased and the psychological 1.2650 support pierced if sufficient impetus is provided today. In case bulls take over the market, the upper borders around 1.2750 is expected to hold the gains.
Traders' Sentiment
Market sentiment improved again, with 62% of traders now being long the Buck, compared to 58% previously. At the same time, the share of purchase orders increased from 45 to 53%.
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