© Dukascopy Bank SA
– Alexandros Yfantis, portfolio manager and trader (based on investing.com)
Pair's Outlook
The US Dollar retreated mid-Tuesday from the previously gained heights on Monday against the Canadian Dollar. The pair started to fall on Monday, as it was approaching the combined resistance of the 55-day SMA at 1.2972 and the weekly R1 at 1.2976. On Tuesday, the currency pair had fallen and approached the weekly PP, which is located at 1.2870. However, by 11:15 GMT, the rate had not touched the PP, and it will likely continue to bounce between the two before mentioned levels during the rest of the session.
Traders' Sentiment
Trader sentiment became bullish on Tuesday, as 54% of open positions are long. In the meantime, pending orders have become neutral, as 50% of open commands are long.
© Dukascopy Bank SA