"The pattern has completed and is valid while above 1.3409 (Monday low). The measured objective from the pattern is 1.4100."
— Jamie Saettele, Daily FX
Pair's Outlook
The US Dollar had slowed down its surge against the Canadian Dollar by the middle of Wednesday's trading session. The reason for that was the fact that the currency exchange rate was facing the combined resistance of the 50.00% Fibonacci retracement level at 1.3576 mark and the weekly R1, which is located at the 1.3596 level. By the middle of the day the pair traded below the weekly R1. However, it had for a brief moment reached above the resistance level. Due to that reason a surge up to the monthly R2 at 1.3643 can be expected.
Traders' Sentiment
SWFX traders are shorting the Buck, as 71% of open positions are bearish. Moreover, 71% of trader set up orders are to sell.
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