"The USD/CAD has traded to new monthly lows today, as the market continues to process yesterday's Bank of Canada rate decision"
— Walker England, Daily FX
Pair's outlook
By the middle of Friday's trading session, the US Dollar was squeezed in against the Canadian Dollar between two lone levels of significance. From the upside, the 55-day SMA was providing resistance at the 1.3482 mark. From the downside, the weekly S1 was located at the 1.3442 mark. However, the currency exchange rate did reveal that it can fluctuate outside these borders. In general it is assumed that a medium scale rebound is about to occur; thus, a breakout of the SMA is to be expected.
Traders' sentiment
SWFX traders remain bearish, as 60% of open positions are short. Meanwhile, 51% of trader set up orders are to sell the Buck.
| Sentiment | Today | Yesterday | 5 days ago | |
| Positions | -20% | -20% | -30% | |
| Orders | -2% | -20% | -12% | |
| Indicator | 1D | 1W | 1MN | |
| MACD (12; 26; 9) | Sell | Buy | Buy | |
| RSI (14) | Neutral | Neutral | Neutral | |
| Stochastic (5; 3; 3) | Neutral | Sell | Sell | |
| ADX (14) | Neutral | Neutral | Neutral | |
| CCI (14) | Neutral | Neutral | Sell | |
| AROON (14) | Buy | Buy | Buy | |
| Alligator (13; 8; 5) | Sell | Buy | Buy | |
| SAR (0.02; 0.2) | Sell | Buy | Buy | |
| Aggregate | ↘ | ↗ | ↗ | |