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– Eli Wright, investing.com
Pair's Outlook
The USD/CAD currency exchange rate is one of the rare ones during the period before Christmas, which is showing volatility and continues in a set path. The currency pair has broken through the monthly PP at 1.3431 and has jumped up to the weekly R1 at 1.3475 by mid-day on Thursday. That occurred due to a combined effort of US Dollar's strengthening and weakening of the Loonie. It is likely that the pair will not break through the weekly R1, as it is supported by a yet fully unconfirmed trend line. In addition, daily aggregate technical indicators forecast no changes in the rate, which means that it is set to retreat from the resistance level.
Traders' Sentiment
Traders are 68% bullish on the pair. Meanwhile, 55% of trader set up orders were to sell the Greenback.
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