- UBS (based on CNBC)
Although the USD/CAD pair edged as low as 1.1950 yesterday, the monthly S3 was able to stop the US Dollar from closing lower. It appears that the Greenback started regaining momentum, and a rebound is likely to take place today. A strong support cluster just under 1.20 is to force the Buck to bounce back; however, gains should be limited by the weekly S1 at 1.2080. Nevertheless, if the US fundamentals surprise with strong data, a hike towards 1.2150 has a solid chance occur.
Although not as strong as yesterday, but SWFX traders' sentiment remains bullish at 57%. Meanwhile, the gap between the buy and sell commands narrowed. Now 51% of orders are to buy the Buck.