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— Gregor Horvat, Elliot Wave Financial Service (based on investing.com)
Pair's Outlook
By the middle of Thursday's trading session the US Dollar traded below the 1.3350 mark against the Loonie, as the currency exchange rate had retreated during the previous trading session. It had fallen below the weekly PP, which is located at the 1.3352 level. The rate still remains without a clear medium term direction, as it fluctuates around the same levels for more than two weeks. However, it can be observed that the support cluster, which keeps the rate higher, is stronger than the resistance, which is faced by the pair. Although, various clues are contradicting.
Traders' Sentiment
Traders remain bearish, as 57% of open positions are short. Moreover, 58% of trader set up orders are to sell the Buck.
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