"A bullish USD/CAD doesn't jive with a broader USD breakdown but maybe CAD is a sale on crosses at this point."
— Jamie Saettele, Daily FX
Pair's Outlook
During the first half of Wednesday's trading session the Greenback broke another significant resistance level against the Canadian Dollar. The currency exchange rate passed the weekly R1, which is located at the 1.3429 level. If the pair continues the bullish movement, it will soon reach the upper trend line of a long term descending channel. The trend line is located near the monthly R1, which is at the 1.3481 mark. However, on the way of the currency pair stands the minor resistance of the upper Bollinger band, which is being bent upwards, but still might slow down the surge.
Traders' Sentiment
SWFX traders are clearly bearish on the pair, as 58% of open positions are short on Wednesday. In addition, 61% of set up orders are to sell.
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