- Westpac (based on FXStreet)
The US Dollar appreciated against its Canadian counterpart, although not as much as we hoped for. The weekly PP provided sufficient support to prevent the decline, and, as a result, the USD/CAD pair managed to climb up, but only four pips. Slow growth suggests that a rebound is imminent, thus, the Greenback is likely to decline against the Loonie today. The nearest support is located at 1.2069, represented by the weekly PP, although a dip towards 1.20 is also possible, if the US Fundamentals disappoint. Technical indicators are still pointing south-ish, suggesting further weakness.
Fewer traders have a positive outlook towards the Buck, only 44%whereas the share of buy orders decreased from 58 to 54%.