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- Action Forex (based on investing.com)
Pair's Outlook
The US Dollar traded just below the 50.00% Fibonacci retracement level at 1.3576 against the Canadian Dollar by the middle of Wednesday's trading session. Previously, during Tuesday's trading the currency exchange rate surged and reached the retracement level, and the rate ended the session exactly at the resistance. The surge to the Fibo was a result of a rebound from the weekly PP at 1.3473 in the second half of Monday's trading. It is highly possible that the pair will break through the resistance by the end of today's trading.
Traders' Sentiment
Traders remain bullish on the pair, as 62% of open positions were long on Wednesday. Meanwhile, trader set up orders fluctuate near neutral, with 52% of set up orders being to sell the Greenback.
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