- TD Securities (based on WBP Online)
On Tuesday, the US Dollar behaved almost according to expectations, as it bounced back from the 1.30 major level. However, losses were much more than anticipated, as the USD/CAD closed trade at 1.2941. The Greenback is likely to regain the bullish momentum today, as daily technicals suggest. Nevertheless, immediate resistance still rests rather far, which leaves with the 1.30 psychological level to do the dirty work. Moreover, if the fundamental data surprises to the upside, we could see the 1.30 barrier fallen.
Today 35% of traders are long the Buck (previously 33%). The portion of purchase orders returned to its Monday's level of 56%.