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– Marc Chandler, Brown Brothers Harriman (based on investing.com)
Pair's Outlook
The US Dollar surged against the Canadian Dollar on Friday, as the rate had touched the 1.3450 level by mid-day. Previously, during the week the currency exchange rate struggled to find support, as it traded just above the weekly pivot point, which is located at 1.3370. Although, the pair had retreated to 1.3428 by mid-Friday, the rate did not fall due to reaching a technical resistance. The decline of the US Dollar was caused by lower than expected US employment data. Due to these factors combined, it is most likely that the pair will once more approach the weekly R1 at 1.3463.
Traders' Sentiment
SWFX traders remain short on the pair, as 64% of open positions were bearish on Friday. Meanwhile, pending commands have shifted, as 53% of trader set up orders were to buy by mid-day.
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