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- Marc Chandler, Brown Brothers Harriman (based on investing.com)
Pair's Outlook
During the first half of Wednesday's trading session the US Dollar continued to score gains against the Canadian Dollar, as the currency exchange rate fluctuated above the 1.33 mark. However, the surge seemed to have been stopped by the weekly R3, which is located at 1.3337 level. Moreover, the day's range of the currency pair was far above even the upper Bollinger band, which was located at 1.3278. Due to these reasons a period of consolidation is to be expected, as traders take profits, and markets in general reevaluate the pair.
Traders' Sentiment
Traders have changed their opinion regarding the pair, as 53% of open positions are short on Wednesday. In the meantime, 57% of trader set up orders are set to sell the Buck.
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