© Dukascopy Bank SA
– based on Bloomberg
Pair's Outlook
The US Dollar continued to fall against the Canadian Dollar on Tuesday, as the currency exchange rate was at 1.2820 by 11:0 GMT. During this fall the pair fell below three support levels, which could have hindered its fall, as the lower Bollinger band was bent to 1.2887, and the weekly and monthly S1s were passed respectively at 1.2855 and 1.2832. Next up on the downward way is located the weekly S2 at 1.2757, and if it will fail, the rate is most likely to fall to a low level unseen since start of May, as afterwards support would be provided only by the monthly S2 at 1.2621.
Traders' Sentiment
Traders have a bullish stance on the pair, as 52% of positions are long. However, it is a huge fall from the previous 73%. In the meantime, pending commands shifted and were 62% bullish mid-Tuesday.
© Dukascopy Bank SA