© Dukascopy Bank SA
– based on Daily FX
Pair's Outlook
The US Dollar traded almost at the weekly pivot point at 1.3165 against the Canadian Dollar, as the currency exchange rate encountered the resistance put up by the 200-day SMA at 1.3256 on Tuesday and rebounded. The most likely outcome from a technical viewpoint for the currency pair is a fall until the first weekly support at 1.3082. However, the rates direction will be most likely dictated by the Federal Open Markets Committee during today's trading session. The FOMC is set to announce their rate decision at 18:00 GMT.
Traders' Sentiment
Traders remain largely bearish on the pair, as 73% of open positions were short mid-Wednesday. In the meantime, pending commands have shifted from yesterday's bullishness to a bearish stance, as 55% of set up orders are to sell.
© Dukascopy Bank SA