© Dukascopy Bank SA
– 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.
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