- TD Securities (based on FXStreet)
Once again the weekly PP and monthly R1 pushed the USD/CAD lower, allowing the pair to appreciate only four pips and remain under 1.33. The Greenback is making another attempt at breaching this resistance cluster today and, thus, return above the support trend-line. Even though technical studies are bolstering the possibility of a positive outcome today, the pair might still close only slightly above 1.33. Meanwhile, the weekly S1 and the 20-day SMA keep providing support around 1.3270, which successfully held the pair afloat through all of the week.
Market sentiment keeps improving, but remains bearish at 61%. The share of purchase orders, however, declined from 57 to 29%.