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- National Bank Financial (based on Business Recorder)
Pair's Outlook
The US Dollar weakened yesterday, allowing the Loonie to take the upper hand. The USD/CAD tested the lower Bollinger band, but still closed trade above the major level of 1.30. The American Dollar is expected to drop against its Canadian counterpart again today, as the investor risk sentiment keeps improving today, strengthening commodity currencies. Immediate support lies around 1.2950, represented by the Bollinger band and the weekly S2, which is also a new ten-week low.
Traders' Sentiment
Bulls and bears returned to their Wednesday's levels of 51% and 49%, respectively. The number of purchase orders, on the other hand, declined 17 percentage points to 46%.
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