- Cambridge Global Payments (based on Reuters)
Last Friday the US Dollar weakened for the fourth consecutive time against the Canadian Dollar. Nevertheless, the pair edged closer to the up-trend, which is likely to provide sufficient support and cause the USD/CAD to take a crack at the immediate resistance in face of the weekly PP. The key resistance, however, lies slightly higher at 1.4159 and is represented by the monthly pivot point. On the other hand, in case the support is insufficient for the bears to give in, the cluster around 1.3840 should limit the dips.
Today 56% of traders hold short positions, compared to 58% last Friday. At the same time, the number of orders to acquire the Greenback lost 9% points, falling down to a total of 48%.