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- Cambridge Mercantile Group (based on Reuters)
Pair's Outlook
The pair still have not gained momentum and it is trading around the weekly S2; however, we think it is worth pointing out that today the greenback slid lower than yesterday. Even though we have seen mostly bearish action from this currency pair we are bullish, because the pair have not weakened below the monthly S1 and April low since the beginning of the year. At the moment, it seems that the traders are waiting for bullish signal. The monthly technical indicators are bullish; however, in the shorter term they are mixed.
Traders' Sentiment
More than 70% of the SWFX market participants believe that the U.S. Dollar is going to outperform the Loonie. And this number could go up, as 65% of orders are placed to purchase the greenback.
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