© Dukascopy Bank SA
– based on Bloomberg
Pair's Outlook
The US Dollar has moved out of the rising wedge pattern against the Canadian Dollar, as a new short term pattern seems to be forming in the borders of the large scale rising wedge pattern. As in the previous sessions the currency exchange rate fully confirmed the long term rising wedge's upper trend line and bounced off of it, the pair is forming a channel down pattern, which will most likely hold until 1.29 levels are reached. However, today the Greenback will try to hold its ground against the Loonie at the monthly pivot point at 1.3078.
Traders' Sentiment
SWFX traders remain short on the pair, as 62% of open positions are bearish. In the meantime, pending commands have once more shifted, as 57% of set up orders are to buy they US Dollar.
© Dukascopy Bank SA