"The US dollar is consolidating the gains scored late in the US session yesterday in response to a Financial Times interview with US Treasury Secretary Mnuchin."
— Marc Chandler, Brown Brothers Harriman (based on investing.com)
Pair's Outlook
During the first half of Tuesday's trading session the USD/CAD currency exchange rate quickly found support in the 38.20% Fibonacci retracement level and began a surge. The surge lasted until it reached the resistance put up by the monthly PP, which is located at the 1.3373 level. If the US Dollar strength against the Canadian Dollar persists, the rate will most likely score additional gains. The reason for that is the fact that the closest resistance after the monthly PP, is the weekly R1, which is located at the 1.3429 level.
Traders' Sentiment
Traders remain neutral bearish on the pair, as 52% of open positions are short. Meanwhile, 62% of trader set up orders are to sell the Buck.
© Dukascopy Bank SA