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Pair's Outlook
The USD/CAD added only 24 pips on Tuesday, reaching a one-week high. Nevertheless, the Canadian Dollar is expected to take advantage of the rising oil prices and outperform the Greenback, while weak Canadian Retail Sales figures are providing setbacks. Immediate support is located at 1.3242, represented by the 20-day SMA, while the nearest resistance rests around 1.3330 in face of the Bollinger band, weekly and monthly R1s. Meanwhile, technical studies are now showing bearish signs, bolstering the possibility of the negative outcome.
Traders' Sentiment
Trader's sentiment remains bearish, but with 67% of all positions being short. The share of buy order edged higher from 39 to 68%.
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