- Danske Bank (based on FXStreet)
The Greenback experienced the anticipated decline yesterday, but losses failed to exceed 60 pips, as the immediate support slowed down the decline. The USD/CAD appears to have entered a consolidation period until the exchange rate reaches the current descending channel's resistance line at around 1.3070. The monthly S2 and the weekly PP keep acting as the nearest resistance today, keeping the pair from climbing over the 1.31 major level. Technical indicators are also in favour of a consolidation period, suggesting that the Buck is to remain in tight range between 1.30 and 1.31.
Bulls grew in numbers again, with 57% of all open positions now being long (previously 54%). The portion of sell orders, however, barely changed: dropped from 74 to 72%.