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- Oded Shimoni, Junior Currency Analyst, (based on Daily FX)
Pair's Outlook
As stocks and crude oil rise, the Loonie falls, propping the USD/CAD exchange rate higher, as the pair surged to the 1.32 mark, where it remained mid-Wednesday. However, the currency pair was more volatile to the downside in the first half of Wednesday's trading session, as it fell and rebounded against the weekly R1 at 1.3130 before retreating back to levels near the 1.32 mark. Daily aggregate technical indicators forecast a surge for the pair by the end of the day, which might mean that the rate will break past the weekly R2 at 1.3207 by the end of the session.
Traders' Sentiment
SWFX trader sentiment at the moment is 65% bearish. In the meantime, pending commands are 57% to sell the US Dollar.
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