USD/CAD breaks resistance cluster mid-Friday

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
"The Canadian dollar fell from a three-week high after the Bank of Canada said weak inflation and slower growth present a mounting threat to the nation's economy, boosting bets for monetary easing." – based on Bloomberg 

Pair's Outlook

The US Dollar is surging against the Canadian Dollar on Friday, as the currency exchange rate managed to break through a strong resistance cluster from 1.2933 to 1.2949 by midday during Friday's trading session. Previously, the currency exchange rate was searching for support, and the situation looked like it is unlikely to find it. However, during Thursday's session the rate rebounded and surged past the weekly S1 at 1.2933. As the pair broke additional resistance levels above the weekly S1, it is most likely that it will move next to the 23.60% Fibonacci Retracement at 1.2988.

Traders' Sentiment

SWFX trader sentiment at the moment is 56% bullish. However, pending commands are 57% to sell the currency pair.
© Dukascopy Bank SA
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