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- Gorky Urquieta, Neuberger Berman (based on Bloomberg)
Pair's Outlook
The US Dollar recouped its losses against the Canadian Dollar by the middle of Friday's trading session. However, it was stopped by a combined resistance of the weekly S2 and the 100-day SMA near 1.3270 level. During the last three consecutive trading session the currency exchange rate fell and reached below the 1.32 mark. It is most likely that the pair will not break through the resistance cluster and continue its way downwards soon, as it has not reached the lower trend line of the long term ascending channel pattern near the 1.3150 level.
Traders' Sentiment
Traders have decreased their bullish outlook, as 54% of open positions were long on Friday, compared to 72% previously. Meanwhile, 51% of trader set up orders were to sell the Greenback.
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