- Henry Lou, Forex Trader (based on Investing.com)
The US Dollar continues to depreciate against the Canadian Dollar, as the pair moves lower for the third consecutive trading session on Tuesday. At the moment, the currency exchange rate is at 1.2770, and it is on its way down to the first weekly support at 1.2736. However, this level is still above this month's low of 1.2694 reached at the end of June 7 trading session. If the pair passes these two supports, it will move to the monthly S1 at 1.2641. Technical indicators in the daily timeframe are now giving bearish signals, bolstering the possibility of the negative outcome today.
SWFX traders are bullish on the USD/CAD pair, as 52% of open positions are long. In addition, 68% of pending orders in the 100-pip range are long.