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- Westpac (based on FXStreet)
Pair's Outlook
Due to being a commodity-based currency, the Canadian Dollar strengthened after versus the Greenback yesterday, as prices for oil surged that day. Even though the weekly and the monthly S1s are providing substantial resistance today, the Buck still has a chance to negate some of this week's losses, but gains are unlikely to exceed the 1.28 level. Meanwhile, the Bollinger band and the weekly S2 around the 1.26 psychological level represent immediate support, which is one of the last support areas, preventing the USD/CAD from retesting the support line around 1.2350. Technical indicators are unable to confirm either scenario, as they retain mixed signals.
Traders' Sentiment
Traders' sentiment slightly improved over the day, as 60% of traders are now long the Buck. The share of buy orders slid from 57 to 43%.
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