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- Jamie Saettele, CMT (based on DailyFX)
Pair's Outlook
The US Dollar continued to surge against the Canadian Dollar on Wednesday, as the currency exchange rate moved to trade above the 1.32 mark. Previously, the pair scored major gains on Tuesday, as it moved during the day's trading session from an opening price of 1.3140 to end the day at 1.3192. However, the rate reached the resistance put up by the 200-day SMA at 1.3219 by the middle of the day, and the pair struggled to pass it. It might be possible that the surge has ended, as the SMA has stopped it previously.
Traders' Sentiment
Ignoring the recent surge, traders remain bearish on the pair, as 63% of open positions are short. In the meantime, set up orders also remain bearish, namely 54% of them.
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