- Rabobank (based on FXStreet)
The American Dollar failed to appreciated and, thus, sustained heavy losses yesterday. The two closest support levels were broken., as the USD/CAD stabilised at 1.2952. The Greenback is expected to rebound today and cover some ground on the way to the 2009 high, despite that the distance keeps growing. Although we will doubtfully see the US Dollar reach the six-year high today, the 1.30 psychological level should at least be retaken. Meanwhile, technical studies support the positive outcome with their bullish signals.
Traders' sentiment slightly improved, but remains bearish, as 55% of all positions are short. The number of purchase orders dropped 21 percentage points. The commands now take up 46% of the market.