"In the event of bearish reversal, traders should first look for the USD/CAD to trade back below 1.3600."
— Walker England, Daily FX
Pair's Outlook
On Friday, the US Dollar against the Canadian Dollar attempted once more to break through the resistance put up by the monthly R2, which is located at the 1.3643 level. By the middle of the day the resistance was broken. However, the surge was hindered by the resistance put up by the upper Bollinger band at 1.3662. It is most likely that the pair will soon reach the combined resistance of the weekly R2 at 1.3692 and the upper trend line of the ascending channel pattern, which is located at the 1.3704 level.
Traders' Sentiment
Traders have not changed their opinion, as 69% of open positions are short, and 62% of pending commands are to sell the Buck.
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