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"We continue to expect that underlying economic conditions - a strengthening U.S. economy and a weaker Canadian dollar - will lay the foundation for a boost in domestic manufacturing in the near term."
- Royal Bank of Canada (based on Reuters)
Pair's Outlook
The pair is still trading above 1.1000 and it looks like market participants are waiting for something more significant to happen in order to trade. We still see the pair appreciating closer to 55-day SMA at 1.1081, otherwise, it looks stuck between 1.1000 and 1.1050. Majority of the weekly and monthly technical indicators suggest that the pair will advance; however, in the short term it sends bearish signals.
Traders' Sentiment
The bullish sentiment towards USD/CAD among SWFX market participants has reached 75%, which is the highest level in a long period of time. Concerning the orders set to buy, they are little changed and are at 69% at the moment.
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