© Dukascopy Bank SA
– based on Bloomberg
Pair's Outlook
The US Dollar continued its surge against the Canadian Dollar on Tuesday, as the currency exchange rate reached for the weekly R1 at 1.3130. However, the pair had already attempted to break through the weekly resistance on Monday, and it failed to move through most likely due to the additional strength provided by the upper Bollinger band. By mid-Tuesday the Bollinger band had surged to 1.3158, which means that the rate might move through the weekly R1 soon. A fall of the rate during the session is highly unlikely, as there is a strong support cluster located below the rate from 1.3024 to 1.2959.
Traders' Sentiment
SWFX trader sentiment at the moment is 56% bearish. In the meantime, pending commands are 59% to sell the US Dollar.
© Dukascopy Bank SA