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- Jamie Saettele, Daily FX
Pair's Outlook
The US Dollar retreated during the first half of Wednesday's trading session against the Canadian Dollar. The reason for the retreat is the encountering of the down trend line, which can be measured by connecting the 27 December and 19 January high levels. However, the currency pair was unlikely set to continue the fall, as it faced a strong support cluster made of the monthly PP at 1.3154 and three additional support levels at the 1.3140 mark. Due to that fact the currency exchange rate is set to make another attempt at the down trend line, which on Wednesday was at exactly 1.32.
Traders' Sentiment
SWFX market sentiment remains bullish, as 65% of trader open positions are long on Wednesday In the meantime, 51% of trader set up orders are set up to buy the Buck.
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