© Dukascopy Bank SA
– based on Daily FX
Pair's Outlook
The US Dollar continued to appreciate against the Canadian Dollar on Monday, as the currency exchange rate moved to new heights above the 1.32 level by ending the day's trading session at 1.3217. However, in the first half of Tuesday's session the pair is struggling with the first weekly resistance at 1.3234, as the rate was at 1.3232 by 11:15 GMT. If the pair bounces off the weekly R1, it is possible that it will fall to the support level provided by the first monthly resistance at 1.3161.
Traders' Sentiment
SWFX sentiment remains largely bullish on the pair, as 71% of open positions are long. In the meantime, pending orders in the 100-pip range have shifted, as 67% are short on Tuesday, compared to 30% on Monday.
© Dukascopy Bank SA