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    USD/CAD falls to 1.2860 on Monday

    © Dukascopy Bank SA
    "The May low in USD/CAD is at (exactly) former channel resistance but the recent high is also at a well-defined level. Hmmm…strong support and strong resistance…sounds like conditions for a range period."  
    – Jamie Saettele, CMT (based on DailyFX) 


    Pair's Outlook 
    The US Dollar booked its fourth consecutive session of losses against the Canadian Dollar on Friday, as the currency exchange rate ended day's trading at 1.2916. In addition, the pair continued the started downfall on Monday, as the Dollar fell first below the monthly pivot point at 1.2908 and a combination of support provided by the 20 and 55-day SMAs from 1.2860 to 1.2870. However, the Greenback might have finally reached its low level against the Loonie, as aggregate daily technical indicators forecast a surge for the pair today.

    Traders' Sentiment 
    SWFX traders have become neutral on the currency pair, as 50% of open positions are long, and it is a shift from yesterday's 53% bullish sentiment. In the meantime, pending orders in the 100-pip range are 68% long, which means that traders expect a surge at any moment.
    © Dukascopy Bank SA

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