- Chris Weston, IG (based on FXStreet)
The US Dollar appreciated for the third consecutive day on Friday, successfully breaching the 2009 high. Furthermore, the USD/CAD not just settled at 1.3088 on Friday, but also managed to take the 1.31 major level over the weekend. As a result, the Greenback is expected to preserve the bullish momentum, while technical indicators retain their bullish signals. The nearest resistance is located at the 1.32 psychological level, now also bolstered by the Bollinger band and the weekly R1.
Bears keep prevailing over bulls, as 62% of traders are short the Buck. At the same time, the portion of orders to acquire the US currency declined from 48 to 34%.