© Dukascopy Bank SA
– based on economies.com
Pair's Outlook
The US Dollar continued to book losses against the Canadian Dollar on Monday, as the currency exchange rate was in its sixth consecutive session of losses. The pair reached below the 1.2950 level on Friday, and found support in the 100-day SMA at 1.2944 and lower Bollinger band at 1.2937, as the rate rebounded and ended the day's trading session at 1.2953. However, in the first half of Monday's trading session the Buck depreciated against the Loonie and continues the fall, which is most likely to continue to the level of 1.2855, where the next notable support level is located.
Traders' Sentiment
Traders have a bullish stance on the pair, as 73% of positions are long. In the meantime, pending commands were 52% bearish mid-Monday.
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