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- Marc Chandler, Brown Brothers Harriman (based on investing.com)
Pair's Outlook
The Greenback lost ground against the Loonie on Friday, as the currency exchange rate failed to break the resistance cluster located above it, near the 1.3225 level, during Thursday's trading session. However, by the middle of Friday's trading session the rate encountered the support of the monthly R1, which is located at 1.3417 level. Due to that two scenarios are possible. Either the rate rebounds and makes another attempt at the resistance cluster or the pair passes the monthly R1 and falls below the 1.34 mark.
Traders' Sentiment
SWFX traders remain bearish on the pairs, 64% of open positions are short. Meanwhile, 55% of trader set up orders are set to sell the Buck.
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