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– Toru Ohara, Okasan Asset Management (based on Reuters)
Pair's Outlook
The US Dollar depreciated against the Canadian Dollar by mid-day on Monday, as the currency exchange rate traded below the 1.35 level. Moreover, by middle of the session the pair had touched the 1.3435 level. However, the rate rebounded, as it neared the 20-day SMA at 1.3428. It is possible that the pair is set to rebound back to the weekly pivot point, which is located exactly at 1.35. Meanwhile, the daily aggregate technical indicators forecast a surge for the pair by the end of the day, which would mean a break through the weekly PP.
Traders' Sentiment
SWFX traders remain bearish, as 55% of open positions are short. Meanwhile, trader set up orders are no longer neutral, as 52% of pending commands are to sell the Greenback.
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