- BNP Paribas (based on CNBC)
After reaching a daily low of 1.2979, the USD/CAD currency pair was pulled back up, which resulted in the US Dollar losing only five pips against its Canadian counterpart. Although the pair keeps edging lower at the moment, a rebound might still occur after the US fundamental data is released. Furthermore, technical studies retain the bullish signals, bolstering the probability of a positive outcome. The weekly PP retains its role of the nearest support, while the 2009 high at 1.3062 keeps preventing the Greenback from advancing against the Loonie.
Bulls gained some numbers, as 42% of all positions are long today (previously 41%). The share of buy orders edged up from 62 to 67%.