"Technically, the USD/CAD has made little progress after last Wednesdays 187 pip decline."
— Walker England, Daily FX
Pair's Outlook
By the middle of Friday's trading session the US Dollar attempted to pass the combined resistance put up by the 20-day SMA at 1.3377 and the weekly PP at the 1.3374 level. Moreover, the pair did manage to reach above the mentioned resistance levels. However, later the rate declined back below the resistance cluster, and not even better than expected US fundamental data managed to help the Buck to continue the surge. Due to these reasons combined traders should continue to watch the pair, as it is highly possible that the resistance will be broken soon.
Traders' Sentiment
Traders remain bearish as 58% of open positions are short on Friday. Meanwhile, 54% of trader set up orders are to sell the Buck.
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