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- TD Securities (based on Reuters)
Pair's Outlook
The USD/CAD has slumped below the weekly S1 at 1.1184, after the pair received a informational shock that dragged it lower. Nonetheless, we do not think that this is a beginning of a new bearish trend, in contrary, we see it as a heavy correction before the continuation of the bullish trend. In spite of the pair's drop the majority of the weekly and monthly technical indicators remain strongly bullish.
Traders' Sentiment
It does not seem that the current retreat has impacted the SWFX traders', as a distinct majority of them, namely 74%, expect the Greenback to outperform the Loonie. In the meantime, the share of sell remained unchanged at 67%.
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