- Westpac (based on FXStreet)
The Greenback gave up on its intraday gains and ended the day in the red zone. However, losses were capped by the weekly PP, holding the USD/CAD above the 1.33 major level on Wednesday. Nevertheless, due to a US Dollar sell-off today, the pair dropped as low as the weekly S1; although efforts are made to recover from those losses. Unless the US fundamentals surprise with outstanding figures, the Buck is likely to close trade somewhere between the weekly S1 and weekly PP.
The outlook towards the US currency remains rather bearish, as 63% of traders are now holding short positions (previously 61%). The share of purchase orders added 10% points up to 52%.