- Westpac Banking Corp. (based on FXStreet)
The Greenback suffered a small decline against its Canadian counterpart, testing the cluster at 1.2935. The pair appears to be glued to the 1.30 major level for now, but the BoC Rate Statement today is likely to force the pair to budge. Technical studies retain distinctly bearish signals, suggesting that the US currency will weaken today. Losses are to be limited by the monthly S2 and weekly S1 around 1.28; however, the USD/CAD still has a relatively solid chance of posting gains towards 1.31 by the end of the day.
For seven days straight market sentiment remains bullish at 52%. At the same time, the buy and the sell orders broke out of the equilibrium, with 53% of commands now to sell the US Dollar.