- Brian Daingerfield, Royal Bank of Scotland (based on Market Watch)
The US Dollar slid versus its Canadian counterpart for the third consecutive day. The Greenback did test the 55-day SMA support, but still tripped a lot less than expected and ended the trading session at 1.2490. Today the Buck is likely to extend the decline, despite the technical studies giving bullish signs. Immediate support is to be found at 1.2443 (55-day SMA), whereas rallie should be capped by the monthly pivot point at 1.2543.
Long positions continue to dominate the SWFX market, but over the last five trading days their percentage fell from 73 to 61%. Meanwhile, the portion of purchase orders added three percentage points to 71%.