© Dukascopy Bank SA
– Ned Rumpeltin, TD Securities (based on Reuters)
Pair's Outlook
The US Dollar traded higher by mid-Monday against the Canadian Dollar. However, the pair has met a strong resistance cluster, which is located below the 1.36 mark. The resistance cluster is comprised of the monthly R1 at 1.3561, 50.00% Fibonacci retracement at 1.3576, upper Bollinger band at 1.3585 and the pair's ascending channel's upper trend line at 1.3580. It is likely that the pair will continue the attempt to break through during the rest of the day's trading session. However, without a change in the fundamentals of the underlying currencies a surge further is unlikely.
Traders' Sentiment
SWFX traders have become largely bearish, regarding the USD/CAD pair, as 68% of open positions are short on Monday. Meanwhile, trader set up orders are almost neutral, as 51% of pending commands are to buy the Loonie.
© Dukascopy Bank SA