Loonie continues to gain

Source: Dukascopy Bank SA
© Dukascopy Bank SA
"The next couple of days offer some potentially market-moving events, starting a little later this morning with the Bank of Canada's rate decision." 
– based on Daily FX 


Pair's Outlook 
The US Dollar continued to book losses against the Canadian Dollar, as the currency exchange rate fell for the fifth consecutive trading session by midday on Wednesday. Moreover, the recent fall of the rate occurred in the borders of a clearly noticeable channel down pattern, which was covered in the trade pattern ideas. In the short term the currency pair is most likely to rebound to the pattern's upper trend line around the level of 1.31, as there is a strong support cluster below it from 1.3078 to 1.3061.  

Traders' Sentiment 
Traders are becoming bullish, as open short positions decreased from 62% to 58% on Wednesday. In the meantime, 71% of pending commands are to buy the pair.
© Dukascopy Bank SA

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