- Barclays (based on CNBC)
The US Dollar ignored weak US Core Retail Sales data on Friday, as the Loonie suffered more from continuously falling oil prices. As a result, the USD/CAD ended the week at 1.4536, edging even higher over the weekend after sanctions on Iran were lifted. Today the Greenback is likely to undergo a correction, with the Bollinger band attempting to prevent the pair from plunging under the major level of 1.45. Technical studies are unable to give any clear sense of direction, but USD weakness should eventually lead to a retest of the up-trend around 1.39-1.40.
Slightly less traders retain a negative outlook towards the Buck, namely 73%. The percentage of buy orders spiked from 36 to 63%.