- Northern Trust Asset Management (based on CNBC)
The Greenback misbehaved yesterday, as it appreciated against the Loonie, rather than plunging. Immediate resistance managed to stop the USD/CAD pair's rally, after volatility stretched out to 1.2160. Today the US Dollar is likely to slide down a bit, with the nearest support located around 1.2103, represented by the weekly PP. Nevertheless, the Buck should still stabilize somewhat lower, between the weekly PP and 1.2050. Meanwhile, technical studies keep showing bearish signs, suggesting the pair is to slump again.
Market sentiment has reached a perfect equilibrium. At the same time, the share of purchase orders added six percentage points. They now take up 68% of the market.