— Walker England, Daily FX
Pair's Outlook
By the middle of Wednesday's trading session the US Dollar had suffered minor losses against the Canadian Dollar, as the currency exchange rate found support in the weekly R1 at 1.3396 level. Previously, during Tuesday's trading session the currency pair managed to break through the last resistance of the large cluster of levels of significance, which has kept the pair in a tight range. Due to that reason it is expected that the pair will surge. In that case the next target of resistance for the Buck against the Loonie is the cluster, which begins with the weekly R2 at 1.3474 level.
Traders' Sentiment
Traders remain bearish on the pair, as 59% of open positions are short on Wednesday. Moreover, 54% of trader set up orders are to sell.
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