"With last week's BOC rate decision and the fact crudeprices have stabilized, it is possible to see some strengthening in the CAD for the short-term."
— Henry Liu, Henry Liu Forex (based on investing.com)
Pair's outlook
After failing to break the resistance put up by the 55-day SMA at the 1.3482 level on Friday, the US Dollar has retreated against the Canadian Dollar. The currency exchange rate was fluctuating just below the resistance put up by the newly calculated weekly PP at the 1.3461 level. The pair has two options for the day. Either it breaks the weekly PP's resistance and makes another attempt at the 55-day SMA, or the currency exchange rate bounces off the resistance of the weekly level of significance and begins decline. A decline of the pair would most likely result in the rate once more confirming the long term trend line near the 1.34 level.
Traders' sentiment
SWFX traders remain bearish, as 59% of open positions are short. Meanwhile, 51% of trader set up orders remain to sell the Buck.
| Sentiment | Today | Yesterday | 5 days ago | |
| Positions | -18% | -20% | -20% | |
| Orders | -2% | -2% | -20% | |
| Indicator | 1D | 1W | 1MN | |
| MACD (12; 26; 9) | Sell | Buy | Buy | |
| RSI (14) | Neutral | Neutral | Neutral | |
| Stochastic (5; 3; 3) | Sell | Sell | Sell | |
| ADX (14) | Neutral | Neutral | Neutral | |
| CCI (14) | Neutral | Neutral | Sell | |
| AROON (14) | Buy | Buy | Buy | |
| Alligator (13; 8; 5) | Sell | Buy | Buy | |
| SAR (0.02; 0.2) | Sell | Buy | Buy | |
| Aggregate | ↘ | ↗ | ↗ | |