© Dukascopy Bank SA
— John Kicklighter, Daily FX
Pair's Outlook
During the first half of Wednesday's trading session the US Dollar continued to bounce around the weekly PP at 1.3460 against the Canadian Dollar. The reason for that is the fact that during today's trading session the Federal Reserve will finally announce their rate decision, as a rate hike is almost a certainty. The change in the rate is set to drastically increase the demand of large institutions for the Greenback. Due to this factor it is likely that the currency exchange rate will surge and reach up until at least the 1.3533 level, where the monthly R2 is located at.
Traders' Sentiment
Traders continue to short the Buck, as 72% of open positions are short on Wednesday. Meanwhile, 58% of trader set up orders are to sell the Buck.
© Dukascopy Bank SA