© Dukascopy Bank SA
– Craig Collins, Bank of Montreal (based on Bloomberg)
Pair's Outlook
The Canadian Dollar fell against the US Dollar on the news that Donald Trump has been elected president of the United States. By mid-day on Wednesday the currency exchange rate had touched the 1.3225 level. However, the whole move is consistent with the previously discovered ascending channel patter. Although, it was expected that the Greenback will decline in the case of a Trump victory, it has not occurred in the case of many exchange rates. The reason might be the planned trade agreement reviews in favor of the US that Trump wants to do.
Traders' Sentiment
SWFX traders have almost become neutral on the pair, as 52% of open positions are short on Wednesday. In the meantime, trader set up orders have become bearish, as 54% of pending commands are to sell.
© Dukascopy Bank SA