- BNP Paribas (based on CNBC)
The USD/CAD currency pair almost completely erased Tuesday's losses and closed trade above the 55-day SMA yesterday. The given SMA, along with the weekly PP, now forms the immediate support at the 1.39 major level, while the second cluster rests out of reach around 1.4130. Technical indicators, on the other hand, retain their bearish signals, suggesting the Buck could sustain only a mild loss, as a rather sharp sell-off is required for the next strong demand area to be reached.
For the third day in a row market sentiment remains in perfect equilibrium. At the same time, there are 67% of all pending orders to acquire the US currency, compared to 50% on Wednesday.