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- Kathy Lien, BK Asset Management (based on investing.com)
Pair's Outlook
During the last trading session the Loonie was able to breach the strong support cluster consisting of weekly R1, 200-day SMA and monthly PP located near the 1.3150 level. It was most likely caused by the influence of falling upper Bollinger band and 55-day SMA. However, during this trading session the fall of exchange rate of the Dollar against the Loonie was stopped by the 20-day SMA and weekly PP at 1.3095 and 1.3077 respectively. It is likely that the Dollar would continue its fall against the Canadian Dollar, due to downward direction of the upper Bollinger Band and 20-day SMA and the latest fundamental data.
Traders' Sentiment
SWFX traders remain bullish, as 56% of open positions are long. Meanwhile, 53% of set up orders are to sell the Buck.
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