© Dukascopy Bank SA
- Samsung Futures (based on Business Recorder)
Pair's Outlook
The psychological resistance at 1.2962 prevented the US Dollar from posting larger gains against its Canadian counterpart on Friday. The same level remains a strong resistance today, while the nearest cluster is located around 1.3015, represented by the 55-day SMA, the Bollinger band, the weekly and monthly R1s. Even though technical indicators in the daily timeframe are giving bullish signals, the Greenback is still likely to edge lower today. The weekly PP at 1.2909 could provide sufficient demand to limit the losses, but a drop below the 1.29 major level is also possible. The second support area, however, is located under the 1.28 mark, but is expected to remain intact today.
Traders' Sentiment
Bulls are outnumbering the bears by only 2% points. The number of purchase orders skyrocketed from 32 to 70% over the weekend.
© Dukascopy Bank SA