— Marc Chandler, Brown Brothers Harriman (based on investing.com)
Pair's Outlook
During the first half of Monday's trading session the US Dollar declined against the Canadian Dollar. The decline began as the rate bounced off the weekly PP, which is located at the 1.3326 mark. However, by the middle of the day the currency exchange rate had reached the support provided by the 55 and 100-day SMAs near the 1.3280 level. The pair is either going to pass these support levels and fall down to the 1.3226 level, where the weekly S1 and 200-day SMA are located at, or rebound to surge to the 38.20% Fibonacci retracement level at 1.3313.
Traders' Sentiment
SWFX traders are neutral bearish, as 52% of open positions are short. Meanwhile, 57% of trader set up orders are to sell the Buck.
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