- Bank of New Zealand (based on The New Zealand Herald)
The USD/CAD experienced minor volatility for the third consecutive day yesterday, jumping between the 20-day SMA and the upper Bollinger band. The US Dollar's losses are larger with each day, but with the 20-day SMA, the weekly S1 and the monthly PP still providing support around the major level of 1.33. However, technical studies retain bullish signals, suggesting the Greenback could retest the weekly PP and attempt to return above the up-trend. So far the Sep high at 1.3456 remains out of reach, while today's anticipated fall is not adding any confidence on the scales.
More traders now have a positive outlook towards the Buck, namely 58%. Meanwhile, the number of sell orders went up from 51 to 64%.