- Cambridge Global Payments (based on Business Recorder)
The US Dollar overperformed on Tuesday, as it not only erased Monday's losses against the Loonie, but also managed to pierce the immediate resistance. Today the nearest levels to keep the USD/CAD from advancing further are the 20-day SMA and the weekly R1 around 1.3875. Meanwhile, the weekly pivot point has taken the role of the immediate support and should contribute to the pair's possible rally above 1.38. Technical indicators, however, retain bearish signals in the daily timeframe, but the medium-term ones remain bullish since the beginning of the week.
Traders remain equally divided between bulls and bears. The portion of sell orders is outnumbering the buy ones by 4% points.