© Dukascopy Bank SA
– based on Daily FX
Pair's Outlook
It has occurred, the expected break out from the Triangle happened with the start of Friday's trading session. The Greenback booked losses against the Loonie by midday on Friday, as the rate moved below the support provided by the 20 and 200-day SMAs and the triangle's lower trend line. This means, that the currency exchange rate is set to stay inside the large scale channel up patter, and the US Dollar is prone to lose value against the Canadian Dollar. Although, regarding short term developments, the rate is set to reach the weekly S1 at 1.3141 soon.
Traders' Sentiment
Traders remain largely bearish on the pair, as 70% of open positions are short. In the meantime, pending commands are 53% to buy the pair.
© Dukascopy Bank SA