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– David Song, Daily FX
Pair's Outlook
The US Dollar declined by the middle of Monday's trading session against the Canadian Dollar. During the move the pair managed to fall as low as the 1.3270 mark. However, the currency exchange rate had not reached the weekly PP at 1.3244. The rate is still set to decline on a daily timeframe, and, if it continues the move, it is most likely to stop at the before mentioned support level. The main reason for that is that by the middle of the day the currency pair had already dropped below the 38.20% Fibonacci retracement level and 20 and 100-day SMAs near the 1.33 level.
Traders' Sentiment
SWFX traders are almost neutral, as 51% of open positions are long. Meanwhile, trader set up orders are neutral.
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