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- Sumitomo Mitsui Banking Corp (based on CNBC)
Pair's Outlook
On Friday, the USD/CAD dropped to the lowest point in five weeks, not only quickly recovering, but even gaining 47 pips. The tough support cluster around 1.3150 played its part last week and is expected to prevent the pair from falling deeper down this week as well. The Greenback has been declining against the Loonie for two consecutive weeks, and after Friday's rally a correction is likely to take place today, with the weekly pivot point acting as the closest support.
Traders' Sentiment
Bearish SWFX traders' sentiment returned to its last Monday's level of 73%. Sell orders are also prevailing, accounting for 56% of the market in the 100-pip range from the spot price.
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