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- Scotiabank (based on FXStreet)
Pair's Outlook
The USD/CAD currency pair behaved in accordance with the forecast yesterday. Gains were limited by the psychological level of 1.33 and the group of resistances around 1.3365 lie out of reach, therefore, the Greenback should bounce back today. Immediate support is located around 1.3225, namely the weekly PP and 20-day SMA. The given support is lies near the 1.32 major level, which is likely to prevent any further losses. A breach through this major mark could trigger an even sharper decline towards the second cluster around 1.3150.
Traders' Sentiment
The majority of traders, namely 72%, hold short positions today. The portion of orders to acquire the Buck edged up from 46 to 70%.
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