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- Cambridge Mercantile Group (based on Reuters)
Pair's Outlook
USD/CAD has started the week slowly as the pair is trading above the 200-day SMA at 1.0912. Although, it seems reasonable after last week's advance when the pair gained more than 100 pips. Nonetheless, we do not think that this is the end of the road for pair's bulls. It is possible that we will see some slight correction or consolidation around the 1.09 mark before appreciating towards the major level at 1.10. Moreover, the majority of the technical indicators are pointing upwards.
Traders' Sentiment
It seems that the current slow down in the pair's up-trend has scared off rather significant part of the traders. At the moment of writing 38% of them remain bullish, after Friday's 56%.
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