USD/CAD in third session of losses

Source: Dukascopy Bank SA
© Dukascopy Bank SA
"The December FOMC meeting nearly brought two rate hikes to the market, which has lifted the USD and the Dollar Index to the highest levels since December 2002."  
– Tyler Yell, Daily FX 


Pair's Outlook 
The US Dollar retreated against the Canadian Dollar during the first half of Friday's trading session. In addition, the currency exchange rate fell below the weekly PP at 1.3473 by the middle of the day. Such a move was unexpected, as during Thursday's trading session the currency pair retreated, but it reached the lower trend line of the ascending channel pattern, which had been in force since December 12. In the meantime, daily aggregate technical indicators forecast a surge of the rate by the end of the day.  

Traders' Sentiment 
Traders remain long, as 63% of positions were bullish on Friday. However, trader set up orders once more became neutral.
© Dukascopy Bank SA

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