- IG Group (based on WBP Online)
The American Dollar behaved in accordance with the forecast, as it appreciated against its Canadian counterpart. Furthermore, despite volatility reaching 1.26 from the upside, gains were still limited by the Bollinger band at 1.2566. The Greenback is likely to extend its climb today, in spite of having reached a daily low of 1.2563 in the early hours. Immediate resistance is now located around 1.2650, represented by the Bollinger band and the monthly R1. However, we might see a hike towards the April high after fundamental data.
Traders' sentiment keeps weakening, as only 37% of traders hold long positions today, compared to 38% previously. At the same time the portion of orders to acquire the US Dollar slid from 45 to 38%.