© Dukascopy Bank SA
- Vantage FX (based on WBP Online)
Pair's Outlook
The Greenback added 145 pips against the Loonie yesterday, boosted by positive US fundamentals and disappointing Canadian Trade Balance figures. Even though the USD/CAD approached the 1.29 target, the data provided insufficient impetus for the third resistance, namely the weekly R3, to be pierced. The Buck is now under the risk of making a U-turn and negating most of Wednesday's gains, with the closest support represented by the weekly R2 at 1.2807. A sharper decline is likely to lead the pair towards the second demand area, formed by the monthly PP and the 20-day SMA circa 1.2740.
Traders' Sentiment
Market sentiment slightly improved over the day, as 54% of traders are now long the Buck (previously 52%). Meanwhile, the number of sell orders edged lower, namely from 78 to 59%.
© Dukascopy Bank SA