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- Marc Chandler (based on investing.com)
Pair's Outlook
Ignoring initial gains of the US Dollar against the Loonie mid-Wednesday, the currency exchange rate fell by the end of the trading session, and the downward movement continued on Thursday morning. During the past 24 hours, the currency pair has moved below the support lines of weekly S1 at 1.2855 and monthly S1 at 1.2832. Due to that fact, it is most likely that the rate will continue to fall, as next support level is located at 1.2757, where the weekly S2 is located at. In addition, daily aggregate technical indicators support such hypothesis of the pair's movement.
Traders' Sentiment
Traders continue to be bullish on the pair, as 51% of open positions are long on Thursday. In the meantime, pending orders have shifted and become short, as 58% of open positions are short.
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