- Commonwealth Foreign Exchange (based on Reuters)
On Tuesday the American Dollar negated all gains and slumped as low as 1.4047, but with trade closing near the key level of 1.4124. Despite the monthly R1 and the 20-day SMA forming a rather strong resistance around 1.4165, the Greenback could still recover from Tuesday's losses and even touch the third level at 1.4417, represented by the monthly R2. Technical studies are bolstering the possibility of a positive outcome, but the fundamental data could even push the USD/CAD closer to the 1.38 level, where the up-trend coincides with the 55-day SMA.
Less traders now have a negative outlook towards the Buck, namely 58% (previously 64%). Buy and sell orders are in perfect equilibrium.