- DailyFX (based on CNBC)
Yet again the Greenback outperforms the Canadian Dollar, as the pair breached through the two nearest resistances yesterday. Furthermore, the US Dollar reached the 1.26 major level, but was pushed back to 1.2590. We expect the USD/CAD to undergo a correction today, despite attempts to inch higher today. Immediate support is located around 1.2535, represented by the weekly R2 and the Bollinger band. Meanwhile, technical studies keep giving mixed signals, unable to confirm neither the bearish, nor the bullish scenario.
Bears keep dominating the market, as 59% of traders hold short positions, while the portion of buy orders shifted from 44 to 63%.