© Dukascopy Bank SA
– BBH (based on FXStreet)
Pair's Outlook
The American Dollar continued to decline against the Loonie at the end of the previous week, almost completely ignoring the immediate support cluster around the 1.33 mark. However, the Buck is now expected to rebound, as a close on Friday revealed a potential support line at 1.3287, which appears to be quite difficult to pierce. Moreover, this support level is also bolstering today's immediate demand area, represented by the lower Bollinger band and the monthly S1. Consequently, there is a number of signs suggesting that a negative outcome is doubtful, even though technical indicators retain mixed signals, thus, creating a possibility for the bears to take over.
Traders' Sentiment
There are 60% of traders with a positive outlook towards the US Dollar today, while 56% of all pending orders are to purchase the Greenback.
© Dukascopy Bank SA