- IMF (based on Bloomberg)
On Wednesday, the USD/CAD slightly underperformed, as it appreciated less than anticipated. The 100-day SMA around the 1.24 psychological level managed to push the pair back up, while after reaching 1.25, the trading session ended with the US Dollar stabilising at 1.2455. The rally is likely to extend through Thursday as well, as technical indicators retain their bullish signals. Moreover, the nearest resistance remains unchanged, namely the weekly R1, but the 1.25 area is still the main target for today.
SWFX traders' sentiment slightly improved over the day, as 44% of positions are long (previously 41%). The gap between buy and sell orders narrowed, as 47% all commands are now to acquire the Buck.