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– Nick Exarhos, CIBC Capital Markets (based on Reuters)
Pair's Outlook
The US Dollar had slightly surged against the Canadian Dollar by the middle of Tuesday's trading session. However, that did not occur due to some events occurring on Tuesday, as the move was just a continuation of the Monday's rebound. On Monday the pair retreated until it reached the newly calculated weekly PP at 1.3473 and rebounded against it. The pair was set to surge further, as it faced no resistance up to the level of 1.3578, where the 50.00% Fibonacci retracement level is located at.
Traders' Sentiment
Traders have not changed their opinion regarding the pair, as 64% of SWFX trader open positions were long on Tuesday. Meanwhile, 52% of trader set up orders were to buy the Greenback.
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