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– based on investing.com
Pair's Outlook
The US Dollar is trading flat against the Canadian Dollar on Wednesday after scoring gains and surging to 1.31 mark on Tuesday. The currency exchange rate broke through the monthly PP at 1.3043 and weekly R1 at 1.3070 during Tuesday's surge. However, mid-Wednesday the currency rate had not moved higher and it stayed almost flat at 1.3103 by 11:30 GMT. Although the Greenback faces no resistance against the Kiwi up to the level of 1.3131, where the second weekly resistance is located at, and due to this fact it is clear that sooner or later the rate will resume its northward course.
Traders' Sentiment
Trader sentiment is bearish on Wednesday, as 57% of open positions are short. In the meantime, pending orders are largely bearish, as 65% of commands are to sell.
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