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"Overall it was a strong number with strong details, and that's positive for Canada."
- Bank of Nova Scotia (based on Bloomberg)
Pair's Outlook
The pair is in the down trend and today it breached 1.1000 level, which held the pair from falling lower this week. USD/CAD depreciation was stopped by 100-day SMA and weekly S1 at 1.0953/52. We expect that the pair from this point forward will appreciate to trade above 1.1000 once again and then to gain towards 1.1050. Weekly and monthly technical indicators support an advance.
Traders' Sentiment
The SWFX market participants' sentiment towards USD/CAD remains above 70%, right now 72% of traders are bullish. The pending orders set have remained at the same levels, right now 71% are set to buy.
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