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– based on investing.com
Pair's Outlook
The US Dollar continued the breakout from the triangle against the Canadian Dollar, as the currency exchange rate had touched the 1.3055 mark by midday on Tuesday. However, on Tuesday the currency pair faced a support cluster made up from the monthly PP at 1.3078, 55-day SMA at 1.3074 and the weekly S1 at 1.3061. Although, technical indicators and the newly established trend contradict one another, it is clear that by the end of the day the situation will be dictated by the US CPI data released at 12:30 GMT, which will be needed to be analyzed for further assumptions.
Traders' Sentiment
SWFX traders remain largely short on the pair, as 62% of open positions are bearish. Meanwhile, 55% of set up orders are set up to buy the pair.
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