- BNP Paribas (based on FXStreet)
After piercing the monthly S1, the USD/CAD retreated and stabilised only at 1.3038. on Tuesday. However, the pair seems to be reluctant to leave the 1.30 major level, thus, a decline today is likely to occur. Technical studies keep giving distinctly bearish signals, but the weekly PP at 1.3005 might prevent the Greenback from edging lower. In case a rally occurs, the pair could enter a bullish trend, whilst forming a rounding bottom pattern and making its way to the 11-year high. Nevertheless, a drop to 1.29 is the most probably outcome today.
Long positions remain unchanged, taking up 52% of the market. Meanwhile, the share of buy orders edged higher from 43 to 63%.