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- National Bank of Canada (based on Bloomberg)
Pair's Outlook
The Canadian Dollar is getting even stronger today, as the GDP data indicates a faster rate of growth. The pair slipped through the 100-day SMA at 1.0113 to the monthly S1 level at 1.0097. Further depreciation is possible considering the fact that the next support level is only at 1.0022, the monthly S2, but on the other hand, the pair quickly performed a substantial drop from a 1.03 benchmark, therefore further downside movement might push the price to an oversold zone.
Traders' Sentiment
Together with a decreasing value of the loonie, traders improve their long positions and today there are 71% of positions expecting a reverse and a beginning of appreciation. Waiting orders market is heavily bullish—79% of orders are long.
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