© Dukascopy Bank SA
– based on Daily FX
Pair's Outlook
The Greenback continued to gain strength against the Loonie on Wednesday, after the currency rate had rebounded from the weekly PP at 1.2870. Amidst the Wednesday's trading session, the pair managed to also move past the 100-day SMA, which supplied resistance, which managed to slightly offset the rate's surge to the downside. Due to that, it is clear that the rate will move northwards to the combined resistance cluster of the weekly R1 at 1.2976, 23.60% Fibonacci retracement at 1.2988, and the 20 and 55-day SMAs respectively at 1.3003 and 1.2980.
Traders' Sentiment
Trader sentiment is bullish on Wednesday, as 58% of open positions are long. In the meantime, pending orders have become also bullish, as 51% of open commands are long.
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