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"Commodity currencies are generally outperforming, as they've been hit hard over the past two months and look a little more attractive around these levels."
- BMO Capital Markets (based on 680 News)
Pair's Outlook
USD/CAD committed a mild decline today after the publication of the US monthly PPI (-0.1% act./-0.6% est.). Therefore, the US dollar depreciated against the Loonie dollar. If the bearish mood reiterates though, 1.0174 (PP Monthly) is going to be the first support among bearish investors. A breakout here would expose 1.0088 (200-day ma) and 1.0009 (S1 Monthly; 100-day ma).
Traders' Sentiment
The US Dollar - Canadian Dollar currency pair is oversold at the moment, as the vast majority (77%) of market participants stay short on USD/CAD, while merely 23% keep on holding long trades.
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