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- ScotiaMcLeod (based on Reuters)
Pair's Outlook
The USD/CAD pair depreciated on Friday, following the previous bearish move from 1.263 to 1.251. The market was not volatile today and the US Dollar lost about 60 pips during the day. The next strong support level is situated at the monthly PP at 1.237, a level that supported the USD/CAD price since last week. A rebound above this Pivot Point will likely to follow and a higher move could be triggered.
Traders' Sentiment
The sentiment holds the bearish outlook with 72% of participants selling the pair. While the 100– pip pending orders are mostly placed to buy (62%) once the pair meets the destination, the 50– pip orders are bought by 54% of traders.
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