© Dukascopy Bank SA
– Kathy Lien, BK Asset Management
Pair's Outlook
The US Dollar continued to depreciate against the Canadian Dollar, as the US politics continued to weaken the Greenback. By mid-day on Wednesday the currency exchange rate had reached below the weekly pivot point, which is located at 1.3370. In the upcoming weeks politics are set to play a much larger role in the market than the fundamental economic data or technical analysis. However, it has to be noted that daily aggregate technical indicators forecast a surge of the pair by the end of the day.
Traders' Sentiment
Traders remain bearish, as 62% of open positions are short. Meanwhile, trader set up orders have become bullish, as 54% of pending commands are to buy.
© Dukascopy Bank SA