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– based on economies.com
Pair's Outlook
The US Dollar continued to search for support against the Canadian Dollar on Thursday. However, it was not the above the first monthly support level at 1.2846. Previously, in the second half of Wednesday's trading session the currency exchange rate already rebounded against the monthly S1 and ended day's trading session above. Due to that, in the first half of Thursday's trading the currency pair continued to fluctuate around the weekly S2 at 1.2875. The future prospects for the rate still look grim, as it is still prone to fall. However, it is not likely to happen very soon.
Traders' Sentiment
SWFX trader sentiment at the moment is 53% bullish. However, pending commands are 58% to sell the currency pair, which indicates at a continuation of the downward movement.
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