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– Elliot Wave Forecast (based on investing.com)
Pair's Outlook
The US Dollar is declining against the Canadian Dollar, as forecasted before. During the first half of Thursday's trading session the currency exchange rate managed to fall below the strong support cluster made up of the weekly R1 1.3140, 200-day SMA at 1.3142 and the 20-day SMA 1.3138. The next level, where the pair might find support is at the 1.3055 mark, where the weekly PP is located at. By taking into account the average daily volatility of the pair, it is most likely that that level will be achieved by the end of Thursday's trading.
Traders' Sentiment
SWFX traders remain long on the pair, as 64% of trader open positions are long on Thursday. In the meantime, 53% of trader set up orders are to buy the Greenback.
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