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- David Song, Currency Analyst (based on Daily FX)
Pair's Outlook
The US Dollar continues its surge against the Canadian Dollar, as it struggles against the weekly R2 at 1.3131. However, the rate already reached above the resistance level on Wednesday, and it was afterwards pushed back down by the weekly resistance level until it reached the psychological level of 1.31, against which it rebounded. During the rest of the Thursday's trading session it is most likely that the rate will continue pounding on the resistance until it breaks it. As the breakout happens, there will be no resistance levels up to the upper Bollinger band at 1.3210.
Traders' Sentiment
Trader sentiment is bearish on Thursday, as 62% of open positions are short. In the meantime, pending orders are neutral bearish, as 52% of commands are to sell.
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