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"The Bank of Canada pledged to keep its benchmark interest rate on hold under explicit conditions, but made clear the next move was likely a hike, not a cut."
- Reuters
Pair's Outlook
As suspected, USD/CAD turned out to be unable to breach 2012 high during the first attempt, a scenario suggested by some of the daily technical indicators, namely MACD, AROON and SAR. The monthly pivot point at 1.0404 did not manage to support the price that has just fallen down to the 55-day SMA at 1.0358, below which lies a major area—1.0280/53.
Traders' Sentiment
There are now even less market participants who are bullish on the Canadian Dollar, taking up only 28% of the traders in loony's crosses. Specifically in USD/CAD, the share of bulls is 71%, bears constitute 29% of the total amount. Concerning orders, 51% are to buy and 41% are to sell the U.S. Dollar.
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