- Westpac (based on FXStreet)
Federal Reserve's meeting weighed on the Greenback on Wednesday, forcing USD/CAD to move south. The currency pair lost 220 pips, and the trading session ended at 1.2565. Last week's gains were completely erased, but there is a correction underway. The technical indicators are showing bullish signs, bolstering a positive bias. Closest significant resistance is created by the weekly PP and monthly R1 around 1.2730.
Long bets take up 73% of all positions, meaning the sentiment of the SWFX market is distinctly bullish. Meanwhile, the gap between the buy and sell orders narrowed during the last 24 hours, namely from 20 percentage points to only 8.