- TD Securities (based on FXStreet)
Yet again the US Dollar declined against its Canadian counterpart. The pair reached a daily low of 1.22, but was pushed back by the major level and settled near the second support cluster. Technical studies keep showing bullish signals, suggesting the Greenback is to rebound from the given support area. Immediate resistance lies at 12305, represented by the monthly PP, but we might even see the USD/CAD return to 1.24 if the fundamental data surprises with better-than-expected figures.
Long positions are now in the majority, as 52% of traders have a positive outlook towards the Buck today. The portion of buy orders lost 15 percentage points. They now take up 44% of the market.