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    USD/CAD surges to 1.30 on Wednesday

    © Dukascopy Bank SA
    "Initial signs of a bullish reversal are there together with the bullish divergence by the stochastic oscillator. USD/CAD is trading in a bigger corrective pattern and we are currently in wave C up that could very well extend above the 1.33 even towards 1.36."  
    – Alexandros Yfantis (based on trading2day.com) 


    Pair's Outlook 
    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. 

    Traders' Sentiment 
    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.
    © Dukascopy Bank SA

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