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– Jamie Saettele, Daily FX
Pair's Outlook
The US Dollar continued to retreat against the Loonie on Wednesday, as by the middle of the day the currency exchange rate had reached below the 1.31 mark. During the move the currency pair fell below the 200-day SMA, which is located at 1.3119 on Wednesday, and the weekly S1 at 1.31. Due to the fact that these levels of significance began to provide resistance during the second half of the day, the currency exchange rate is most likely to fall to levels near the 1.30 mark. In addition, near that mark, at 1.3024, is a long term ascending channel's lower trend line.
Traders' Sentiment
SWFX traders are still near the neutral zone, as 51% of trader open positions are long on Wednesday. In addition, trader set up orders are precisely neutral.
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