- Commerzbank (based on CNBC)
There were no surprises in the USD/CAD pair's performance on Thursday, as the Greenback stabilised in front of the expected support, namely the monthly PP. The USD remains under pressure and risks falling to the weekly S1 at 1.3202. A breach of the given support could trigger a fall towards the next target, represented by the 55-day SMA and the Bollinger band. Nonetheless, the US currency is still located at multi-year highs against its Canadian counterpart, in spite of falling through most of the week.
The share of bulls doubled, as 54% of traders now hold long positions. The gap between the buy and the sell orders widened, as 77% of all commands are to purchase the Buck, up from 71%.