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— Jamie Saettele, Daily FX
Pair's Outlook
The Greenback remained near the previous closing price against the Loonie by the middle of Wednesday's trading session, as the currency exchange rate fluctuated near the 1.3380 level. From the upside the rate faces the resistance put up by the 20-day SMA, which is located at the 1.3394 level. In addition, the SMA is strengthened by the monthly R1, which is located at the 1.3417 mark. Below the rate was the support provided by the weekly PP at the 1.3352 level. The pivot point was able to support the rate on Tuesday. All in all, the direction of the pair still remains unclear, as a direction clue is expected from fundamental data.
Traders' Sentiment
SWFX traders remain bearish on the pair, as 59% of open positions are short and 57% of trader set up orders are to sell the Greenback.
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