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Pair's Outlook
The US Dollar depreciated against the Canadian Dollar by mid-Wednesday, as the information from the OPEC meeting indicated at an upcoming oil output cut. In general, the markets were sort of dictated by that meeting, as the commodity currencies rely heavily on oil prices. Moreover, a drastic change in oil prices would shift the capital in the world from one part of the world to another. However, from a technical perspective, the currency exchange rate has breached the support provided by the medium term ascending channel, which was expected, and the rate is set to continue to fall.
Traders' Sentiment
SWFX traders remain bullish, as 55% of open positions were long on Wednesday. Meanwhile, pending commands were bullish, namely 54% of them were to sell.
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