– Alexandros Yfantis (based on trading2day.com)
The US Dollar started its surge against the Canadian Dollar on Tuesday, as it recouped from previous three trading session losses in one single session by appreciating by 100 pips from 1.2851 at the start of Tuesday's session to 1.2951 at the end of the day's trading. In the first half of Wednesday, the currency exchange rate continued to score gains, as the Greenback traded above 1.30 against the Loonie by 11:30 GMT. Aggregate daily technical indicators forecast a surge for the currency pair for today.
SWFX traders have shifted their sentiment and become bearish on the pair, as 54% of open positions are short on Wednesday, compared to 38% on Tuesday. However, pending orders in the 100-pip range are 52% long.