- National Bank Financial (based on WBP Online)
The Greenback outperformed yesterday, as the closest resistance levels were not strong enough to stop the Buck from advancing. The US Dollar tested the weekly R2 before settling at 1.2748. However, the pair is already seen declining sharply after the US Core Retail Sales results came out worse-than-expected and, in spite of the mixed technical studies, USD/CAD is likely to remain volatile within the area delineated by the weekly PP and R1.
Market sentiment remains distinctly bullish, with 73% of positions being longs. Meanwhile, the number of commands to acquire the US Dollar surged, as 68% of all pending orders are now set to buy the currency.