- CMC Markets (based on WBP Online)
The Greenback plunged on Thursday, but not as much as anticipated. The USD/CAD almost reached the Wednesday's opening price, but still managed to close trade above the 1.30 major level by day's end. As a result, the bullish momentum is expected to be regained today, while technical studies are bolstering this possibility. Furthermore, the 2009 might finally be taken over, with the monthly R3 forming the next resistance target. However, if the US fundamental data turns out to be poor, the 2009 high might not be reached after all.
Bulls gained some numbers, as 31% of all positions are long today (previously 29%). The share of purchase orders slid from 59 to 43%.