USD/CAD sky– rocketed above the weekly R1

Source: Dukascopy Bank SA
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"What we're seeing is the U.S. cannot escape disinflationary pressure."
 - Vanguard Group Inc. (based on Bloomberg)


Pair's Outlook
The USD/CAD pair surpassed the major resistance levels, breaking even the weekly R1 at 1.208 for a moment. The cross lost the bullish momentum before breaking the Bollinger band level at 1.211 and eventually consolidated below the R1. If the pair continues to move upward, the next level to watch is laid at the monthly R3 at 1.212. However, the pair is overbought and a short correction to the downside is expected.

Traders' Sentiment
The market is still bullish as 56% of traders are holding their long positions. The 50– pip pending orders were triggered Today and the amount of them declined from 67% to 25%. The 100– pip ones are currently opened for 17% of the case.

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