© Dukascopy Bank SA
– The National Bank of Canada (based on investing.com)
Pair's Outlook
The US Dollar continued to depreciate against the Canadian Dollar by mid-day on Thursday, as the currency exchange rate traded below the combined cluster of the weekly PP at 1.3453 and the previous channel's upper trend line at 1.3445. Although the before mentioned cluster pushed the pair lower, the rate had found support in the 20-day SMA at 1.6407 and moved in for another try to break through. Traders willing to trade this pair, have to watch it develop, as there are good ranges without levels of significance around the pair.
Traders' Sentiment
SWFX traders continue to become less and less bearish, as 56% of open positions were short on Thursday, compared to 59% previously. Meanwhile, trader set up orders are doing the same, as 54% of pending commands were to sell, compared to 67% on Wednesday.
© Dukascopy Bank SA