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- Western Union Business Solutions (based on Reuters)
Pair's Outlook
USD/CAD pair reached the monthly R2 level at 1.0246 yesterday and even slightly exceeded it. However, today the price exhibits bearish sentiments and USD/CAD is slightly lower, around 1.0250 level. If the pair maintains bullish sentiments further, the next resistance level is only at 1.0384, where a long term down-sloping resistance is located.
Traders' Sentiment
Traders' sentiment has deteriorated towards the Canadian Dollar, as there are now 39% of long positions and 61% of short. Placed orders market indicates different sentiments than the spot, since 62% of orders are set for a long position and 38% for a short.
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