- Royal Bank of Canada (based on Business Recorder)
The American Dollar decline against the Loonie for another day, as it is slowly driving the exchange rate away from the multi-year highs. The USD/CAD breached the nearest support and even tested the second one; however, it proved to be impenetrable for now. As a result, the Greenback is to attempt and regain its bullish momentum, rebounding from the monthly and weekly S1s. The Buck will doubtfully reach the 55-day SMA, which is the ultimate daily target, as the Bollinger band is somewhat blocking the path.
Market sentiment slightly improved, as 54% of traders now hold long positions (previously 53%). Meanwhile, the number of buy orders increased dramatically, from 22 to 61%.