"The pair has been moving in a tight trading range ahead of the next four days were a deluge of US data is expected."
— Alfonso Esparza, Market Pulse (based on investing.com)
Pair's outlook
At 12:30 GMT the Canadian GDP data was released, and the data sets were better than expected, which caused a decline of the USD/CAD currency exchange rate. However, after a short time the pair returned to trade at the previous levels. As such the currency exchange rate keeps fluctuating near the weekly PP, which is located at the 1.3461 level. Meanwhile, the long term ascending channel's lower trend line keep approaching the pair. That is a strong sign that the Greenback will eventually surge against the Loonie in the upcoming trading sessions.
Traders' sentiment
Market sentiment has not changed since yesterday. SWFX traders remain bearish, as 58% of open positions are short. Meanwhile, 54% of trader set up orders are to sell the Buck.
| Sentiment | Today | Yesterday | 5 days ago | |
| Positions | -16% | -16% | -18% | |
| Orders | -8% | -8% | -2% | |
| Indicator | 1D | 1W | 1MN | |
| MACD (12; 26; 9) | Sell | Buy | Buy | |
| RSI (14) | Neutral | Neutral | Neutral | |
| Stochastic (5; 3; 3) | Sell | Sell | Sell | |
| ADX (14) | Neutral | Neutral | Neutral | |
| CCI (14) | Neutral | Neutral | Sell | |
| AROON (14) | Buy | Buy | Buy | |
| Alligator (13; 8; 5) | Sell | Buy | Buy | |
| SAR (0.02; 0.2) | Sell | Buy | Buy | |
| Aggregate | ↘ | ↗ | ↗ | |