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- Commonwealth Foreign Exchange (based on Market Watch)
Pair's Outlook
The Greenback retained its strength and regained the bullish momentum after reaching a daily low of 1.3532. The USD/CAD is poised for another rally, but the pair now faces a rather strong supply area at 1.3676, namely the monthly R2. This level has already limited the pair's volatility today and pushed it slightly lower. Nonetheless, the given pair remains at a fresh ten-year high and is unlikely to leave this area. With slightly over 300 pips left until the price reaches the 2004 high of 1.4002, which we might see sooner than later if the Fed decides to hike next week.
Traders' Sentiment
Bearish market sentiment returned to its Tuesday's level of 64%, while the share of sell orders increased from 64 to 68%.
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