© Dukascopy Bank SA
– FX Grow (based on investing.com)
Pair's Outlook
As the title suggests, by the middle of Tuesday's trading session the US Dollar had surged against the Canadian Dollar by one percent, as the currency exchange rate had touched the 1.3213 level. During the move the currency pair broke through a strong resistance cluster from 1.3140 to 1.3154 levels. Due to that fact the Greenback has a free way to surge up to the 1.3255 mark against the Canadian Dollar, as at that level the weekly R2 is located at. However, it is unlikely that that level would be broken soon, as it is about to be strengthened by the 55 and 100-day SMAs.
Traders' Sentiment
SWFX traders remain bullish on the pair, as 67% of open positions are long on Tuesday. In the meantime, 51% of trader set up orders are to buy the Buck.
© Dukascopy Bank SA