"Broader outlook for USD/CAD remains constructive as it preserves the upward trend carried over from the previous year."
— David Song, Daily FX
Pair's Outlook
By the middle of Monday's trading session the Canadian Dollar had broken resistance against the US Dollar, as the USD/CAD currency exchange rate was approaching the 1.3350 mark. The currency pair had passed the weekly and monthly pivot points and the 20-day SMA, which are located, respectively, at 1.3389, 1.3373 and 1.3369. Due to that fact it is most likely that the currency pair will fall and reach down to the combined support of the weekly S1 at 1.3321 and the 38.20% Fibonacci retracement level at the 1.3313 level. However, a speech by Janet Yellen was scheduled in the evening and might change everything.
Traders' Sentiment
SWFX traders are with a bearish outlook, as 58% of open positions are short. Meanwhile, 55% of set up orders are to sell.
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