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- USForex (based on Reuters)
Pair's Outlook
The US Dollar slid below the weekly PP at 1.1287, after the week, when a new this year's high was set at 1.1386. The weekly and monthly technical studies are still bullish, even though we have seen a plenty of bullishness lately. However, since the major level at 1.12 seem well-supported, we expect the pair to hold above this level with a possibility of breaching the 1.13 mark once again. For that to happen the pair will have to climb above the weekly PP.
Traders' Sentiment
The traders' sentiment with respect to USD/CAD stays bullish, since as many as 70% of open positions are long. In the meantime, the relative number of sell orders is growing slightly—100-pips from the spot price their share increased from 54% to 55%.
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