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- David Song, Daily FX
Pair's Outlook
By the middle of Tuesday's trading session the US Dollar had surged and touched the 1.33 level against the Canadian Dollar. However, further gains during today's trading session are unlikely. The reason for that is that the rate stopped in the middle of a resistance cluster, which is made up of the 20 and 100-day SMAs and the 38.20% Fibonacci retracement level. All of these levels of significance are concentrated around the 1.33 mark. Although, the pair seems to have formed a medium term ascending channel, which could provide the needed support for the pair to break the resistance cluster.
Traders' Sentiment
SWFX traders are neutral on the pair. In the meantime, 55% of trader set up orders are to buy the Buck.
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