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- Credit Agricole (based on CNBC)
Pair's Outlook
The US Dollar tumbled for the third consecutive day on Thursday. The weekly S2 lacked the strength to prevent the downfall, and the Greenback even tested support at 1.2140, the weekly S3. Ultimately, the USD/CAD currency pair settled at 1.2233. On Friday, the pair is likely to reach the weekly S3, as a decline is expected. The technical indicators are giving bearish signals, bolstering the negative outcome, while a dip towards 1.21 is possible during the trading hours.
Traders' Sentiment
Both net positions and net orders dropped. The portion of long positions decreased from 73 to 65%. At the same time the, purchase orders now take up only 28% of the market.
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