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- Toronto Dominion Bank (based on Bloomberg)
Pair's Outlook
Although the US Dollar managed to outperform the Canadian Dollar yesterday, the exchange rate failed to stabilise above the 1.31 major level. The USD/CAD currency pair is now expected to attempt and reconquer that mark, with the nearest resistance located around 1.3165, represented by the weekly R2 and the Bollinger band. At the same time, the weekly and the monthly R1s form a rather strong support cluster circa 1.3030, which is likely to keep the Greenback from declining. Technical studies, however, retain mixed signals, implying that today's flat trade could last until price closes.
Traders' Sentiment
For the sixth day in a row bulls are outnumbering the bears by 2% points. Meanwhile, the portion of orders to acquire the US Dollar edged up from 69 to 72%.
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