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"The case for adjustment in interest rates has become less imminent. […] rates are more likely to increase than not."
- Bank of Canada Governor Mark Carney (based on The Wall Street Journal)
Pair's Outlook
For the whole week pair has been rather volatile (boundaries Bollinger bands increased by 1/3, or 63 pips) but pair has been range bound between monthly pivot (R1) at 0.9963 at 0.99. It is likely situation wont change much till the end of the trading week, but technical indicators on weekly horizon lets us believe that 100 bar SMA might drag pair lower in the period of next few weeks.
Traders' Sentiment
For the second full week bulls are holding overwhelming majority of the positions on the pair—share of long positions increased by 4% since yesterday and is at 74% mark today. Share of pending buy orders, which is at 60% mark, suggests a further domination of bulls in the market..
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