© Dukascopy Bank SA
- based on Bloomberg
Pair's Outlook
The US Dollar had retreated to the weekly pivot point at 1.3227 against the Canadian Dollar. However, the currency exchange rate started the day's trading session much higher, than the previously mentioned level of significance, as USD/CAD opened Wednesday's trading session at 1.3266. Previously, on Tuesday, the currency exchange rate once more confirmed the existence of an ascending triangle pattern, as the rate rebounded against the pattern's support level at 1.3163. It is most likely, that the breakout is set to occur soon, as there is not much room left for fluctuations in the triangle.
Traders' Sentiment
Traders have slightly decreased their bearishness, as 67% of open positions were short on Wednesday, compared to 72% on Tuesday. In the meantime, pending commands are 60% to buy.
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