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Pair's Outlook
During the first half of Tuesday's trading session the USD/CAD hit yesterday's forecast target of 1.3150. Around 12:00 GMT the Greenback was attempting to break a resistance cluster against the Canadian Dollar. The resistance cluster consists of monthly PP at 1.3154, 200-day SMA at 1.3149, and weekly R1 at 1.3146. Due to the falling 20-day SMA at 1.3093, it is likely that the US Dollar will bounce off from this resistance cluster and will go back down until it reaches weekly PP, which is located at the level of 1.3078.
Traders' Sentiment
Traders remain bullish on the Dollar against the Canadian Dollar pair, as 64% of open positions are long. Additionally, 52% of set up orders are to buy.
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