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- based on investing.com
Pair's Outlook
The Greenback surged against the Loonie by mid-day on Tuesday, as the currency exchange rate managed to pass the weekly PP at 1.3153, and it had surged by around 40 pips by the middle of the day. Previously, almost nothing indicated at the possible change of the rates direction, as it was falling, and during the session the pair touched the 1.3069 level. However, more throughout analysis showed that a symmetrical triangle pattern had formed, and the yesterday's rebound and the subsequent continuation of it on Tuesday is the breakout, which is most likely to continue for some time.
Traders' Sentiment
Traders continue to be short on the pair, as 61% of open positions are bearish. In the meantime, pending commands have shifted again, as 52% of set up orders are to sell.
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