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– Ilya Spivak, Daily FX
Pair's Outlook
The US Dollar plummeted on Wednesday and continued to fall on Thursday against the Canadian Dollar in the aftermath of Donald Trump's given press conference. Before the conference it was not clear what direction the rate will take. However, by the end of it the US Dollar began to depreciate, and it will continue to do so. From a technical perspective the Greenback is set to fall unhindered until the weekly S2, which is located at 1.3010. Close by also is the 23.60% Fibonacci retracement level at 1.2988. If the rate passes these two levels of significance, it is set to fall until 1.2857 level, where the next support level is located at.
Traders' Sentiment
SWFX traders have shifted their opinion and become 53% bearish. Meanwhile, trader set up orders were neutral.
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