© Dukascopy Bank SA
- BNP Paribas (based on CNBC)
Pair's Outlook
Although the USD/CAD reached the second resistance area around 1.3345, the tide was quickly turned by a rebound in oil prices, boosting the Loonie. As a result, the given pair declined towards the immediate support cluster at 1.3145, which should still cause the Greenback to bounce back today, as the cluster is now reinforced by the monthly PP. However, risks of the support being pierced persist, if US fundamentals turn out to be worse-than-anticipated. Technical studies remain mixed, unable to confirm either scenario.
Traders' Sentiment
Bulls keep gaining numbers, as 41% of traders hold long positions today (previously 35%). Meanwhile, the percentage of sell orders increased, now taking up 78% of the market, up from 59%.
© Dukascopy Bank SA