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"(It's) a much more positive story for the U.S. economy, which is providing a large boost on the U.S. dollar and consequently outperforming relative to the Canadian dollar."
- TD Securities (based on Reuters)
Pair's Outlook
Pair continues to appreciate after receiving a bullish impetus from 20-day SMA. At the moment it is aiming to breach the downtrend (connecting July and August highs) resistance. In order to negate all the pressure from it the pair should peak above the 1.0527/28. That would put August high on the map. In case of a failure the pair should not lower than 1.0400 with interim target being with weekly PP at 1.0442.
Traders' Sentiment
Loonie remains one of the most sold major currencies across the board. As a consequence bulls continue to hold overwhelming majority (72%) of all open positions on the pair. In addition to this, majority (57%) of pending orders are set in their favour as well.
© Dukascopy Bank SA