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- Marc Chandler, Marc to Market (based on investing.com)
Pair's Outlook
The US Dollar fell at the start of Thursday's trading session against the Canadian Dollar. However, the currency exchange rate found support by the middle of the day's trading and rebounded. The support was found in the lower trend line of the recently discovered ascending channel pattern. The pattern is a representation of the rates rebound from the large scale ascending channel's support line. Due to that it is likely that the pair will attempt to break through the 50.00% Fibonacci retracement level, which stopped the surge in the previous trading sessions.
Traders' Sentiment
Traders have not changed their opinion. 62% of SWFX open positions remain long on the pair. Trader set up orders are no longer neutral, as 54% of trader pending commands were set up to buy.
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