- Westpac (based on Westpac)
The Greenback managed to negate all intraday losses on Wednesday, and end the day above the 1.28 major level. The 55-day SMA, however, kept the USD/CAD pressured since the beginning of the week, therefore, more bearish momentum is likely to follow. This time the 1.28 mark is likely to give in, with focus shifting towards the 1.27 psychological level. At the same time, an interim support level is represented by the weekly S1 at 1.2736, while a truly strong support rests circa 1.2640 in face of the monthly S1. Technical indicators, however, are giving mixed signals, unable to confirm the given pair's direction.
Today 70% of all open positions are long, while 65% of all pending orders are to sell the American Dollar.