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"It's walking on a razor's edge right now. It's 24 hours offright, after three months of exuberance. It could prove to be a turning point, or a blip. At this point, I lean more toward a turning point, and continued Canadian dollar weakness."
- ForexLive (based on Reuters)
Pair's Outlook
After hitting resistance levels at 1.0369/81 yesterday pair ended the session with a no less than 55 pip lose. Pair opened todays session with clear bullish intentions and at some point has had recovered almost 40 pips. However, at the moment this number does not exceed 20 pips. In any case, short term technical indicators suggest that pair should test the mentioned resistance area soon. Medium and long term indicators, however, give little hope that it will be breached.
Traders' Sentiment
Market maintains significant bullish sentiment. At the moment 72% of outstanding positions are long and 65% of pending orders are to buy the greenback against the loonie.
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