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- Jamie Saettele, CMT (based on Daily FX)
Pair's Outlook
The US Dollar fell on Friday against the Canadian Dollar, as the currency exchange rate did not manage to break the resistance put up by the weekly R2 at 1.3131, which it had been pounding on for the previous two trading sessions. The currency pair fell below the weekly R1 at 1.3070 and by mid-day is located below the monthly pivot point at 1.3024. However, it is set to rebound, as daily aggregate technical indicators, a support cluster below and market participant sentiment indicates at an upcoming surge.
Traders' Sentiment
SWFX trader sentiment at the moment is 57% bearish. However, pending commands are 84% to buy the currency pair, as traders see an opportunity to buy.
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