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– Jamie McGeever, Reuters
Pair's Outlook
The US Dollar traded almost flat by mid-day on Wednesday against the Canadian Dollar, as the currency exchange rate fluctuated in a 30 pip range around the 1.3375 mark. Previously, during Tuesday's trading session the currency pair failed to break through the monthly PP, which is located at 1.3431. In the aftermath of the failed attempt to break above the Greenback retreated and depreciated 0.5% against the Loonie. It is most likely that the pair will remain relatively unchanged by the end of the day, and direct movement will resume later on.
Traders' Sentiment
Traders remain largely bullish on the pair, as 73% of open SWFX positions were long on Wednesday. Meanwhile, 59% of trader set up orders were to sell the Greenback.
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