- TD Securities (based on FXStreet)
The US Dollar appreciated against its Canadian counterpart for the third day in a row this week. Although the pair edged lower to 1.24, it was pushed back by the support cluster. Moreover, the Bollinger band failed to stop the rally, which resulted in the Greenback stabilising at 1.2456, just four pips off the target. However, the Buck is likely to surge again today and reach the second resistance level at 1.2518. Meanwhile, technical indicators keep showing mixed signs, unable to confirm the bullish outcome.
Bears took over the market, as 51% of traders now hold short positions. At the same time, there are now considerably more orders to purchase the US Dollar, namely 59% (previously 38%).