© Dukascopy Bank SA
– based on Bloomberg
Pair's Outlook
The US Dollar continues to depreciate against the Canadian Dollar, as the currency exchange rate was struggling at the support cluster around the level of 1.3045 by 11:30 GMT on Thursday. However, the pair was already a lot lower amid Wednesday's trading session, as it had reached and rebounded against the 55-day SMA at 1.2989. In the meantime, daily aggregate technical indicators forecast a surge for the pair during today's trading session, which is possible, if the rate rebounds against the support cluster.
Traders' Sentiment
Traders have a bullish stance on the pair, as 74% of positions are long. In the meantime, pending commands shifted and were 57% bearish mid-Thursday.
© Dukascopy Bank SA