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– The National Bank of Canada (based on investing.com)
Pair's Outlook
The US Dollar retreated by mid-day on Tuesday from resistance it faced against the Canadian Dollar. Previously, on Monday the currency exchange rate attempted to break through the combined resistance of the long term ascending channel pattern's upper trend line at 1.3579. In addition, the trend line was and is still strengthened by the weekly R1 at 1.3561, 50.00% Fibo at 1.3576 and the upper Bollinger band at 1.3586. It is most likely that the pair will continue to move lower, as the closest support level is located at 1.3453.
Traders' Sentiment
SWFX traders remain short on the pair, as 65% of trader open positions are bearish. Meanwhile, trader set up orders have become also bearish, as 55% of pending commands are set up to sell.
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