- Strategist Josh O'Byrne (based on CNBC)
The Greenback remained relatively unchanged through all of the previous week, but managed to outperform the Canadian currency early today. However, the USD/CAD was unable to climb over the 1.3950 mark, as that level appears to be providing rather strong resistance and preventing the US Dollar from retaking the 2004 high of 1.4002. Furthermore, the weekly PP and weekly R1 are providing additional resistance around the 1.39 psychological level, limiting the Buck's ability to edge higher. Nonetheless, technical studies are giving bullish signals, suggesting a close above last Monday's high.
A total of 70% of traders hold short positions today, whereas the share of purchase orders edged 16% points higher, up to 54%.