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"CAD has weakened off a little since yesterday's close, it's been a bit of a volatile morning. Interesting because the euro touched a new high overnight but CAD is failing to make new gains."
- Scotiabank (based on Reuters)
Pair's Outlook
Earlier today pair had difficulties trying to consolidate above 0.985, but at the moment the outlook is fairly positive as it is testing 100-day SMA at 0.9879. However, longer term prospects raise a lot of doubts as pair is approaching area which is rather compacted with resistance levels.
Traders' Sentiment
Market attitude towards the two currencies is rather stably holding in favour for the bulls—70% of traders hold long positions on the pair. It is likely that such situation will persist further as pending orders are only in slight favour for the long traders.
© Dukascopy Bank SA