- Rabobank (based on Reuters)
The US Dollar tumbled against its Canadian counterpart on Thursday due to poor US Retail Sales figures. USD/CAD managed to erase Wednesday's gains and edged down a little bit more. Furthermore, the weekly R1 failed to provide the needed support, as the pair ended the trading day at 1.2684. Technical indicators are giving mixed signals, although the pair is still likely to rally, as the US data numbers turned out to be not as bad in order to weaken the Buck. Strong resistance rests between the upper Bollinger band and weekly R2 around 1.2770.
The percentage of bulls returned to 74% (previously 73%), whereas the amount of buy orders tripped, with longs now at 60%.