"The Canadian currency is supported by considerable growth of oil quotes."
— Kristina Leonova, Mayzus Investment Company Limited (based on investing.com)
Pair's outlook
By the middle of Tuesday's trading session the US Dollar continued to lose value against the Loonie, as the pair fell below a significant support level. Namely, the currency pair had declined below the support, which was provided by the 55-day SMA at 1.3483. Due to that reason the exchange rate is set to decline down to the weekly S1, which is located at the 1.3442 level. If that lone support gets passed, the range down to a much stronger cluster will be free. In that case the currency exchange rate might decline to at least as low as 1.3370.
Traders' sentiment
Traders continue to short the pair, as 65% of open positions are bearish. However, only 55% of trader set up orders are to sell the Buck, compared to 66% previously.
| Sentiment | Today | Yesterday | 5 days ago | |
| Positions | -30% | -32% | -38% | |
| Orders | -10% | -32% | -26% | |
| Indicator | 1D | 1W | 1MN | |
| MACD (12; 26; 9) | Buy | Buy | Buy | |
| RSI (14) | Neutral | Neutral | Neutral | |
| Stochastic (5; 3; 3) | Neutral | 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 | ↗ | ↗ | ↑ | |