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- Barclays (based on CNBC)
Pair's Outlook
A decrease in oil prices caused the USD to outperform the Loonie, with the descending channel's resistance line getting breached. The Buck is now stuck in a tight range between the weekly PP from the downside, and the monthly PP and the 20-day SMA from the upside. Technical studies insist that another decline is to take place, which would imply the preservation of the channel pattern. However, the USD/CAD already attempted to break out of the channel, suggesting that this attempt might be successful. The immediate supply area around 1.3140 is required to be pierced in order to begin moving towards the next tough resistance, namely the 200-day SMA circa 1.3375.
Traders' Sentiment
SWFX sentiment Is equally divided between bulls and bears, whereas the share of sell orders surged from 62 to 87%.
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