- TD Securities (based on FXStreet)
On Tuesday, the USD/CAD reached a daily high of 1.2780, but settled still slightly lower at 1.2720, between the second and third resistances. Despite dovish meeting minutes expectations, the US Dollar is still likely to outperform its Canadian counterpart, amid weak Canadian fundamental data. Immediate resistance is located at 1.2729, represented by the weekly R1, but the Bollinger band around 1.2760 provides more solid obstacles. Furthermore, we might even see a hike towards the 1.28 psychological level by the end of the day, in spite of mixed technical indicators.
Even less traders have a positive outlook towards the Buck, namely 31%, while the number of purchase orders shrank from 56 to 32%.