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- Royal Bank of Canada (based on Bloomberg)
Pair's Outlook
The pair has slipped even lower, the greenback dipped below the weekly S1 at 1.0821. Nonetheless, it managed to reverse some of losses. Even though the buck is struggling to find bullish momentum since the beginning of June we do not see it weakening below the 1.08 level. Probably the pair could touch the 1.08 mark; however, the pair is likely to rebound from it and to appreciate slightly higher. This scenario is also supported by daily technical indicators that are neutral.
Traders' Sentiment
The sentiment still remains strongly bullish, 72% of traders are bullish and they are not discouraged by current downtrend. In the meantime, the share of buy orders grew from 53% up to 59%.
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