© Dukascopy Bank SA
- Canadian Imperial Bank of Commerce (based on Bloomberg)
Pair's Outlook
The Greenback once again appreciated against the Loonie yesterday, this time climbing over the monthly PP. However, despite that, the USD/CAD currency pair is now likely to edge lower, with the sell-off triggered by the overwhelmingly positive Canadian Employment Change and Unemployment Rate figures. The nearest support is represented by the monthly PP and the 20-day SNA just below the opening price, while the second target is located at 1.3050 in face of the weekly PP. The Buck might fall even further towards 1.2950—the level where demand was strong enough to limit sharper losses during the previous month.
Traders' Sentiment
Bears remain in control, as 52% of all open positions are short. Meanwhile, the number of buy orders dropped from 58 to 29%.
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