- BAML (based on FXStreet)
The tough support cluster around 1.3150 caused the USD/CAD to regain its bullish momentum and even negate Monday's losses, as the weekly PP was unable to hold the rally immediately. Nevertheless, the US Dollar remains under the risk of retreating towards the major level of 1.32, amid poor fundamental results. Furthermore, the cluster around 1.3150 keeps providing substantial support, holding the Buck afloat through all of the week. Ultimately, the exchange rate still has a chance to reach the July 2004 high if the barrier at 1.3350 is broken.
Now 51% of all positions are long (previously 41%), whereas the portion of sell commands decreased from 78 to 67%.