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– Tyler Yell, Daily FX
Pair's Outlook
The US Dollar depreciated against the Canadian Dollar by the middle of Tuesday's trading session, and the currency exchange rate was positioned for additional losses. Previously, during Monday's trading session the currency pair failed to break the resistance levels, which it faced near the 1.3180 mark. As a result Tuesday was started below a strong resistance cluster. Due to that factor the Greenback is losing value against the Loonie, and it will most likely continue until the next support cluster, which is near the 1.3030 level.
Traders' Sentiment
Trader sentiment remains unchanged, as 57% of open positions are long. In the meantime, 54% of trader set up orders are set up to buy the Buck.
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