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USD/CAD suffers major losses on Wednesday

© Dukascopy Bank SA
"Growing USD strength in the wake of the Brexit referendum is presenting a serious challenge to the relatively low USD/CAD pair. Consequently, there could be a sizable recovery in store for the Loonie in the coming weeks."  
- Blackwell Global (based on Investing.com) 

Pair's Outlook 
The Greenback dropped from 1.3023 at the start of Wednesday's trading to 1.2937 at the end of day against the Loonie, as the risk on sentiment returns to the markets and traders retreat from gold, the buck and other safe investments. However, at the moment the USD/CAD pair is surging, as it hit a strong support cluster made up from the weekly and monthly pivot points around the level of 1.2915. In the meantime, daily aggregate technical indicators also forecasted a surge for the pair today. 

Traders' Sentiment 
Traders have shifted their positions from bearish to bullish, as 52% of all open positions are bullish today, compared to yesterday's 43%. In addition, pending orders in the 100-pip range are also 63% long.
© Dukascopy Bank SA

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