- ANZ (based on WBP Online)
The American Dollar skyrocketed against its Canadian counterpart on Wednesday. Not only was the May high reached, but also easily pierced, as the US Dollar overperformed and reached as high as 1.2958. The Loonie is likely to be pressured down again today and allow the US Dollar to advance even further. However, the Bollinger band around 1.2963 should limit the gains, if not cause a correction towards the weekly R2 after such a sharp rally. Technical studies are now showing mixed signs, unable to confirm either scenario.
Bearish market sentiment reached last Friday's level of 68% once again. Meanwhile, the number of orders to buy the Buck added 14 percentage points. The commands now take up 60% of the market.