"The Bank of Canada meets on May 24 and will likely keep its key policy rate at 0.50% once again."
— Martin Essex, Daily FX
Pair's outlook
During the first half of Monday's trading session the US Dollar had declined even further against the Loonie than previous. On Friday the currency exchange rate broke the support provided by the monthly PP and the lower trend line of the only recently discovered medium term channel. It is most likely that the rates movements will be dictated by fundamentals from the Canadian side, as the Bank of Canada is set to announce their interest rate on Wednesday.
Traders' sentiment
Traders remain bearish on the pair, as 66% of SWFX open positions are short on Monday. Moreover, 66% of set up orders are to sell.
| Sentiment | Today | Yesterday | 5 days ago | |
| Positions | -32% | -38% | -40% | |
| Orders | -32% | -26% | -26% | |
| Indicator | 1D | 1W | 1MN | |
| MACD (12; 26; 9) | Buy | Buy | Buy | |
| RSI (14) | Neutral | Neutral | Neutral | |
| Stochastic (5; 3; 3) | Sell | Sell | Buy | |
| ADX (14) | Neutral | Neutral | Neutral | |
| CCI (14) | Buy | Neutral | Neutral | |
| AROON (14) | Buy | Buy | Buy | |
| Alligator (13; 8; 5) | Neutral | Buy | Buy | |
| SAR (0.02; 0.2) | Sell | Buy | Buy | |
| Aggregate | → | ↗ | ↑ | |