- Millennium Global (based on Reuters)
The USD/CAD attempted to climb over the 1.44 psychological level on Thursday, but stabilised only at 1.4367. As a commodity-based currency, the Loonie weakened on Friday, due to another slump in oil prices, allowing the Greenback to reach a new high of 1.4550. Even though the immediate resistance, represented by the Bollinger band, the monthly and weekly R2s, was pierced, trade could still close below it. Nonetheless, that would still prolong the Buck's bullish trend for a third week in a row.
Exactly three quarters of all open positions are short, compared to 72% on Thursday; whereas the number of orders to acquire the Buck edged down from 52 to 36%.