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– Jamie Saettele, Daily FX
Pair's Outlook
During the first half of Wednesday's trading the US Dollar appreciated against the Canadian Dollar, as the currency exchange rate reached the 200-day SMA at 1.3107. Most likely this is just profit taking occurring in the aftermath of the drastic 1% fall, which occurred on Tuesday. The pair is still set to fall, as the catalyst for this rebound was the lower Bollinger band at 1.3012, which has now moved lower, freeing the way for the Loonie to test the resistance, it faces against the Greenback around the 1.30 mark.
Traders' Sentiment
Traders have increased their bullish outlook by 4%, as 57% of open positions are long on Wednesday, compared to 53% previously. Meanwhile, 46% of trader set up orders are to sell the Buck.
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