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- TD Securities (based on FXStreet)
Pair's Outlook
The US Dollar outperformed the Loonie yesterday and even tested the weekly PP again. However, trade still closed at 1.31, as the pair was unable to retake the major level. The weekly pivot point keeps providing substantial resistance today, preventing the Greenback from appreciating. Furthermore, the tide has turned and the Buck began weakening against its Canadian counterpart, negating yesterday's losses and dropping to a fresh two-week low. The weekly S1 is likely to limit the losses, whereas the USD/CAD is expected to close trade around the 1.30 psychological level.
Traders' Sentiment
Even less positions are long today, namely 31%. Meanwhile, the share of purchase orders increased from 40 to 71%.
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