© Dukascopy Bank SA
- based on Bloomberg
Pair's Outlook
The US Dollar traded almost flat against the Canadian Dollar by midday on Thursday, as the currency exchange rate found support in a cluster below and rebounded. Previously, on Wednesday the currency pair reached once more for the channel up pattern's resistance line. However, the Greenback bounced off the resistance and plummeted afterwards to end the day's trading session at 1.3080. It is most likely that the currency pair will move slightly higher during today's session, as it is supported by a strong cluster of levels of significance, and some profit taking might occur, as the Dollar is sold against the Loonie.
Traders' Sentiment
There are now 70% of all open positions being short (previously 67%), whereas 56% of all pending orders are to sell the Greenback.
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