USD/CAD trades below 1.2950

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
"The Canadian dollar gained the most in five weeks against the greenback after the nation's July trade deficit narrowed more than economists predicted, adding to evidence the Bank of Canada is less likely to lower interest rates." 
– based on Bloomberg 

Pair's Outlook

The USD/CAD pair began to fall sharply on Friday, and it continued the fall during first half of Monday's trading session. By midday on Monday, the currency exchange rate had reached below a support cluster made up of the 100-day SMA at 1.2941 and the first weekly support level at 1.2933. However, the rate retreated afterwards, and continued to search for support in the cluster, as it traded just above it.

Traders' Sentiment

SWFX trader sentiment at the moment is 53% bullish. However, pending commands are 53% to sell the currency pair, as traders previously went through a huge buy, with 84% of pending orders to buy on Friday.
© Dukascopy Bank SA
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