"CA GDP is expected to move the market in the event of a surprise. But with the US Advanced GDP scheduled at the same time, I'd focus more on the US release."
— Henry Liu, Henry Liu Forex (based on investing.com)
Pair's Outlook
By the middle of Monday's trading session the US Dollar remained almost unchanged against the Canadian Dollar below the 1.35 level. However, it had experienced volatility in a range of almost 100 base points, as the pair ignored the resistance of the long term pattern and the monthly R1 near 1.3480 and the support of the weekly PP, which is located at 1.3429. Although, it can be seen that the pair was more volatile to the downside, which indicates that the reversal of the pair's direction is still set to occur.
Traders' Sentiment
Traders continue to short the buck, as 62% of open positions are short. Moreover, 71% of trader set up orders are to sell.
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