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"Planning for the monetary exit will be the big challenge of Carney's governorship. Remember that Carney raised rates in Canada in 2010 from 0.25 percent to 1 percent. He is one of few Western bank governors to have actually raised rates since the crisis."
- Former Monetary Policy Committee (based on Independent Online)
Pair's Outlook
Pair found support just slightly before the support area at 1.51; it appreciated by more than 170 pips and at the moment is stuck slightly below the 100-day SMA. Although technical indicators are pointing at further appreciation of the pair, it is likely that that this reversal is marking the start of the short term bullish correction. Nearest term target should bet set at 1.536. Dips should remain above the 1.52.
Traders' Sentiment
Bulls lost a significant portion of the market today. At the moment they account for 60% (-7% since yesterday) of market participants. Share of pending orders posted by the bulls, however, increased by 4% and is at 66% level today.
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