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- Nanos Research Group. (based on Bloomberg)
Pair's Outlook
The USD/CAD seems to be struggling to show any confident move. The pair started the new trading session by heading towards the Bollinger band, trying to surpass the resistance level at 1.1644. However, failed to do so and tumbled noticeably to the 1.1598 later the same day. The broader outlook indicates the pair is still continuing to fluctuate within the channel that started to form since Q3 of 2014. The monthly R2 at 1.16 seems to hold the border well acting as a resistance level. Hence, a 20– day SMA retest is possible.
Traders' Sentiment
The US dollar is currently bought in more than 68% as traders become foresee the further strength of the currency. The 50 pip pending orders are placed for 57% of market participants.
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