© Dukascopy Bank SA
– based on Daily FX
Pair's Outlook
The US Dollar depreciated against the Canadian Dollar by midday on Thursday, as the currency exchange rate encountered the triangle pattern's resistance line on early morning and bounced off of it to continue its way to the weekly PP at 1.3227. Previously, the currency pair continued its surge after encountering the triangle pattern's support line on Tuesday. It is most likely that by the end of the session the pair will bounce off the weekly PP and surge slightly back up. However, the rate is still experiencing high volatility, which is set to reduce, as the end of the triangle approaches.
Traders' Sentiment
SWFX traders remain short on the pair, as 66% of open positions remain bearish. In the meantime, pending commands remain bullish, as 58% of set up orders are to buy.
© Dukascopy Bank SA