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– Tyler Yell, Daily FX
Pair's Outlook
The US Dollar surged against the Canadian Dollar by the middle of Wednesday's trading session, as the rate made an attempt to move higher through the resistance cluster, which the pair faced. The currency exchange rate was probing the weekly PP, which is located at 1.3102, until it was pushed higher by fundamental US data released at 15:30 GMT. However, the rate did not manage to reach the 20-day SMA at 1.3126. Due to the fact that there are even more resistance levels above the rate, it is clear that the pair is still set to fall below the 1.30 mark in the upcoming trading sessions.
Traders' Sentiment
SWFX traders remain long on the pair, as 69% of open positions are long on Wednesday. Meanwhile, 55% of trader set up orders are to buy the Greenback.
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