© Dukascopy Bank SA
- BNP Paribas (based on Reuters)
Pair's Outlook
Despite the American Dollar outperforming its Canadian counterpart for the fifth time in a row yesterday, the USD/CAD's bullish potential appears to be fading. The pair is now facing a relatively strong resistance cluster around 1.3250, represented by the weekly R1 and the Bollinger band. Even though technical indicators keep giving bullish signals today, downside risks are still present. The closest area to limit the dips rests circa 1.3025, namely the weekly PP and the monthly R1. Meanwhile, another tough cluster lies around 1.2910, but a drop that low is unlikely to occur, due to lack of impetus today.
Traders' Sentiment
Traders' sentiment broke out of the perfect equilibrium, with bears now outnumbering the bulls by only 2% points. The share of orders to purchase the Greenback edged higher, namely from 45 to 60%.
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