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– based on Bloomberg
Pair's Outlook
By the middle of the day it looked like the US Dollar is going to depreciate against the Loonie after it hit the weekly R1 at 1.3265. However, as the CPI data was released in Canada, the rate skyrocketed to 1.3287. Which means that the currency exchange rate is set to continue the surge up to 1.3313, where the next resistance cluster begins at. Previously, the currency exchange rate jumped on comments made by the governor Poloz of the Bank of Canada.
Traders' Sentiment
SWFX traders must be pulling their hair, as 69% of open positions were short by mid-day on Friday. In the meantime, pending commands were 56% to buy the US Dollar.
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