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- Canadian Imperial Bank of Commerce (based on Bloomberg)
Pair's Outlook
The US Dollar weakened against the Canadian one on Friday, with the pair slumping towards the daily low of 1.2950 on much better-than-expected Canadian Employment Change figures. The Greenback's return into the bearish trend is not yet fully confirmed, not until price closes below the 1.2950 level. In case we see a decline beyond that area today, the weekly S1 and the Bollinger band circa 1.2985 are the levels to limit the losses. A failure to stabilise the 1.2950 mark would imply that a possible rebound is due, with the nearest resistance located around 1.3075.
Traders' Sentiment
Market sentiment shifted to the bullish side, as 52% of traders now hold long positions (previously 48%). At the same time, three quarters (75%) of all pending orders are to sell the Buck (previously 71%).
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