© Dukascopy Bank SA
– based on Daily FX
Pair's Outlook
By the end of Tuesday's session the US Dollar fell below the weekly pivot point at 1.3124 against the Canadian Dollar, as the rate ended day's trading at 1.3120. On Wednesday morning the currency exchange rate has fallen even lower, as by 11:00 GMT the pair had moved to 1.3030. The pair also had moved past the weekly S1 at 1.3047 and monthly PP at 1.3043, which by 11:00 GMT began providing resistance in a combined effort. In addition, as the rate falls, it will not see more support until 1.2988 level, where the 55-day SMA and 23.60% Fibo retracement are located.
Traders' Sentiment
Traders have a bullish stance on the pair, as 71% of positions are long. In the meantime, pending commands remained unchanged and were 52% bullish mid-Wednesday.
© Dukascopy Bank SA