© Dukascopy Bank SA
– based on Daily FX
Pair's Outlook
The US Dollar paused its streak of losses against the Canadian Dollar on late Thursday. As the currency rate neared the second weekly support level at 1.2757, the rate rebounded and started moving northward and continued the rise into Friday by reaching 1.2828 level just below the monthly S1 by 11:00 GMT. If one takes into account the daily aggregate technical indicators, which indicate that the pair will remain unchanged during the session, it is likely that the pair will bounce off the monthly S1 and move back to the weekly S2 at 1.2757 and continue the falling streak.
Traders' Sentiment
Trader sentiment remains unchanged on Friday, as 51% of open positions are long. In the meantime, pending orders have shifted and become long, as 51% of open positions are long.
© Dukascopy Bank SA