- TD Securities (based on FXStreet)
After experiencing strong volatility to the downside, the US Dollar eventually managed to regain the bullish momentum yesterday. However, the Greenback lacked the strength to keep edging higher in order to reach the 1.30 level, which resulted in the USD/CAD settling at 1.2950. The Buck is likely to attempt and retake the 1.30 psychological level today, while the nearest resistance rests even higher at 1.3020, namely the weekly PP. Technical indicators keep showing bullish signs, thus the overall bias remains positive.
Bears keep outnumbering the bulls, as 55% of all positions remain short. However, there are now more commands to buy the Greenback, namely 62% (up from 46% previously).