USD/CAD declines, as Brexit selloff ends

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
"Growing USD strength in the wake of the Brexit referendum is presenting a serious challenge to the relatively low USD/CAD pair. Consequently, there could be a sizable recovery in store for the Loonie in the coming weeks." 
- Blackwell Global (based on Investing.com) 

Pair's Outlook 
As the markets recovered from the huge selloff started by the UK's referendum on membership in the European Union, the Loonie gained strength against the US Dollar on Tuesday. The USD/CAD pair started Tuesday's trading session at 1.3075, and it soon met the 100-day SMA at 1.3080. Afterwards, the currency exchange rate started to decline, and, amidst day's trading, the pair touched the 1.2966 level. However, aggregate daily technical indicators forecast a surge for the pair today. 

Traders' Sentiment
SWFX traders today have become bearish regarding the USD/CAD pair, as 57% of open positions are now short. In the meantime, 69% of pending orders in the 100-pip range are long.
© Dukascopy Bank SA
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