© Dukascopy Bank SA
– based on Bloomberg
Pair's Outlook
The US Dollar appreciated against the Canadian Dollar on Wednesday, as the currency exchange rate rebounded against the first weekly support at 1.2855 and moved higher to trade at 1.2890 by 11:00 GMT. Previously the currency pair had been in a seven consecutive session streak of downwards movement, during which the pair touched the 1.2820 level amid yesterday's trading. As the rate has rebounded on Wednesday, it is most likely to continue to surge up to the level of 1.2939, where, at the moment, the 100-day SMA is located at.
Traders' Sentiment
Traders have a bullish stance on the pair, as 57% of positions are long. In the meantime, pending commands were 67% bullish mid-Wednesday.
© Dukascopy Bank SA