- CIBC World Markets (based on Business Recorder)
On Monday, upon getting reached, the second resistance cluster pushed the USD/CAD back down. Nevertheless, the pair appreciated 32 pips, but failed to close above the two-week high of 1.3370. The closest support is still located around 1.3325 in face of the weekly PP and monthly R1. In case this cluster gives in, the Greenback is likely to retest the up-trend near the major level of 1.33. The pair is also expected to struggle at climbing above the 1.34 mark, as that level is bolstered by the weekly R1, while according to technical studies the exchange rate is to remain unchanged today.
Bears are still outnumbering the bulls by 54% points (previously 58% points); while 55% of all orders are to buy the Buck, up from 53%.