© Dukascopy Bank SA
– based on Daily FX
Pair's Outlook
The US Dollar traded flat against the Canadian Dollar on Thursday, as the currency exchange remained at 1.2924 by 11:15 GMT. The currency rate has been enclosed between two levels for the past four trading sessions. From the downside the weekly PP is located at 1.2870, and it is standing alone. In the meantime, resistance is much stronger, as there is a cluster above the rate, which is compiled of the weekly R1 at 1.2976, 23.60% Fibonacci retracement at 1.2988 and the 20 and 100-day SMAs respectively at 1.2991 an 1.2983.
Traders' Sentiment
Trader sentiment is bullish on Thursday, as 59% of open positions are long. In the meantime, pending orders are also bullish, as 57% of open commands are long.
© Dukascopy Bank SA