© Dukascopy Bank SA
– Jamie Saettele, Daily FX
Pair's Outlook
During the first half of Monday's trading session the Greenback remained in limbo around the 1.34 level against the Canadian Dollar. The currency exchange rate seemed to be in a consolidation process before another attempt to break through the resistance put up by the monthly R1 at 1.3417. The previous expectations of a surge still persist. However, with the recalculation of resistances it can be seen that not only the monthly R1 will hinder the surge, but also near the 1.3520 level is a stronger cluster of resistance, as the weekly R1 is at 1.3117 and the monthly R2 at 1.3533.
Traders' Sentiment
SWFX traders remain bearish on the pair, as 65% of open positions are short. In addition, 57% of trader set up orders are to sell the Buck.
© Dukascopy Bank SA