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"We've probably seen the bottom of the range in dollar/Canada. And if we get some hawkish Fed-speak over the next little while it will solidify that fact."
- Scotiabank (based on Reuters)
Pair's Outlook
Yesterday USD/CAD has finally overcome a confluence of the weekly pivot point and 100-day SMA at 1.0295/85, confirming its willingness to advance higher despite the daily technical indicators that are largely bearish. The next obstacles the price needs to surpass are at 1.0336 and 1.0363/53, then it will be able to target 1.0404 and 1.0447.
Traders' Sentiment
The long-standing large gap between the amounts of long and short positions widened even further, since the portion of bulls increased up to 74%. Consequently, the percentage of bears contracted to 26%. As for the ratio between the buy and sell orders, it is currently 58% to 42%.
© Dukascopy Bank SA