"It is possible that we are looking at an extended Summer lull akin to 2014 or 2015, but remember how both ended."
— John Kicklighter, Daily FX
Pair's Outlook
During the first half of Monday's trading session the US Dollar had retreated below the weekly S1 at 1.3649 and the 20-day SMA at 1.3622 against the Canadian Dollar. The currency exchange rate was approaching the combined support of the weekly S2, which is located at the 1.3583 level, and the 50.00% Fibonacci retracement level at 1.3574. This fall was expected for the whole past week. However, the currency pair remained at almost the same levels throughout the week. Monday's move is the first step in the formation of a new medium term pattern, which most likely will be a descending one.
Traders' Sentiment
SWFX traders remain bearish on the pair, as 72% of open positions are short. In addition, 63% of trader set up orders are to sell the Buck.
| Sentiment | Today | Yesterday | 5 days ago | |
| Positions | -44% | -44% | -50% | |
| Orders | -26% | -32% | -34% | |
| Indicator | 1D | 1W | 1MN | |
| MACD (12; 26; 9) | Buy | Buy | Buy | |
| RSI (14) | Neutral | Neutral | Neutral | |
| Stochastic (5; 3; 3) | Sell | Neutral | Buy | |
| ADX (14) | Buy | Neutral | Neutral | |
| CCI (14) | Neutral | Sell | Neutral | |
| AROON (14) | Buy | Buy | Buy | |
| Alligator (13; 8; 5) | Buy | Buy | Buy | |
| SAR (0.02; 0.2) | Buy | Buy | Buy | |
| Aggregate | ↗ | ↗ | ↑ | |