© Dukascopy Bank SA
- ANZ Bank New Zealand (based on The New Zealand Herald)
Pair's Outlook
The US currency has been sliding down for the third consecutive week. Yesterday the Buck also suffered losses, rather than surging; however, volatility did stretch out to 1.2350 on the upside. Ultimately, the USD/CAD lost 65 pips and found support at 1.2230, namely the 55-day SMA. The Greenback is likely to sustain more losses today, as technical studies suggest. The Buck has already slumped beyond the support cluster at 1.2185, but it should still close trade around this level.
Traders' Sentiment
Open positions are equally divided between longs and shorts today. Pending orders, however, broke out of the equilibrium, as 53% of commands are now to acquire the Buck.
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