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– David Song, Daily FX
Pair's Outlook
The US Dollar surged in the first half of Tuesday's trading session. However, at first glance it was not clear, where the rate found support. Due to that reason the USD/CAD pair has been reviewed by the Dukascopy team and some corrections in the set patterns have been made. The rate found support in the lower trend line of a medium scale ascending channel patter, which represents the pairs rebound from the lower trend line of a larger scale channel up pattern. Taking into account this information, it is most likely that the rate is set to continue the surge.
Traders' Sentiment
SWFX traders have become clearly bullish, as 53% of open positions were long on Tuesday. Meanwhile, trader set up orders were bearish, as 58% of pending commands were to sell the Greenback.
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