"USD/CAD typically holds an inverse correlation to crude oil prices."
— Jeremy Wagner, Daily FX
Pair's outlook
The Greenback was scoring gains against the Canadian Dollar during the first half of Thursday's trading session. However, the currency exchange rate remained in the same range, in which it had traded during the past two consecutive trading sessions. The pair remains squeezed in between the support of the weekly S2 and 50.00% retracement level near 1.3580 and the combined resistance of the 20-day SMA and the weekly S1 at 1.3549. Although, it is highly possible that the currency exchange rate will surge in the near future, as the 20-day SMA moves higher.
Traders' sentiment
SWFX traders are not changing their minds, as 70% of open positions remain short. In addition, 63% of trader set up orders are to sell.
| Sentiment | Today | Yesterday | 5 days ago | |
| Positions | -40% | -44% | -44% | |
| Orders | -26% | -28% | -32% | |
| Indicator | 1D | 1W | 1MN | |
| MACD (12; 26; 9) | Buy | Buy | Buy | |
| RSI (14) | Neutral | Neutral | Neutral | |
| Stochastic (5; 3; 3) | Sell | Sell | Buy | |
| ADX (14) | Neutral | Neutral | Neutral | |
| CCI (14) | Buy | Neutral | Neutral | |
| AROON (14) | Buy | Buy | Buy | |
| Alligator (13; 8; 5) | Buy | Buy | Buy | |
| SAR (0.02; 0.2) | Sell | Buy | Buy | |
| Aggregate | ↗ | ↗ | ↑ | |