- Henry Lou, Forex Trader (based on Investing.com)
The US Dollar is weakening against the Canadian Dollar for the second consecutive trading session, as the pair fell to 1.2896 on Friday and opened Monday's session even lower at 1.2853. At the moment the currency exchange rate is fluctuating around the level of 1.2800, which is in the middle between the weekly pivot point at 1.2911 and first weekly support at 1.2736. With the weakening of the Greenback, the currency pair is likely to move past the weekly S1 and continue its way towards the monthly S1 at 1.2641.
SWFX traders are slightly neutral/bullish on the USD/CAD pair, as 51% of open positions are long. In the meantime, pending orders in the 100-pip range are 77.14% bullish.