- Commerzbank (based on Reuters)
Despite a hike in oil prices, the USD/CAD remained relatively unchanged over the day, with the pair edging only a few pips lower. However, the immediate support was crossed, which is now providing resistance and weighing on the US Dollar. The up-trend is failing at containing the downside volatility as well, but bullish technical studies suggest the pair could still rebound. We, on the other hand, expect the price to close around 1.3330, as the Greenback lacks impetus to drop towards the cluster of supports around 1.3290.
Bearish traders' sentiment returned to last Friday's level of 61%, whereas the portion of buy orders added 8% points up to 45%.