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"This is likely to sway Secretary of State Kerry to provide a favourable recommendation to President Obama on the construction of the pipeline, which will provide added capacity for Canadian oil to flow into the U.S."
- Scotiabank (based on Financial Post)
Pair's Outlook
Pair has taken a step back after a sell off in the past days and at the moment is hovering above 1.1050. Dip below it seems rather unlikely at the moment. Even if it happens so, the pair should find support at 1.10. We expect some bullish bias from the pair in the nearest future, but we don't think that recent high at 1.1224 would give up easily.
Traders' Sentiment
Some minor bearishness is observed in the market. Bullish side of open positions contracted by 6% and is at 53% gauge today. Long pending orders decreased by 4% at 50 pip range around the current price, but no change is seen elsewhere.
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