- Altana Hard Currency Fund (based on Reuters)
At the end of last week the US Dollar suffered rather serious losses, as was anticipated. Although the pair closed trade between the April high and monthly R1 levels, the bullish momentum was not lost. The USD/CAD should regain some ground, as the trade opened slightly higher today, and the weekly PP prevented the pair from edging lower earlier today. However, the Greenback will doubtfully manage to rise high enough in order to erase last week's losses, with 1.2720 being the daily target.
Bulls keep retreating, as 70% of all positions are now short (previously 68%). Nonetheless, there are more buy than sell orders, the former take up 55% of the market.