- Bank of Tokyo Mitsubishi (based on WBP Online)
On Monday, the 55-day SMA provided sufficient support to stop the US Dollar from edging lower during the trading session. Eventually, a surge took place, and the Greenback crossed the 1.23 level, before stabilizing at 1.2317. The rally is likely to extend through today, whereas the Bollinger band still acts as an immediate resistance, but now at 1.2364. However, the fundamentals might even push the USD/CAD to a stronger cluster around 1.2410, despite that technical indicators retain their mixed signals.
Although not as strong as yesterday, but market sentiment remains bullish at 55% (previously 59%). The share of buy orders is now in the minority, as only 42% of commands are to acquire the Buck.