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- Scotiabank (based on Reuters)
Pair's Outlook
The pair's decline stopped around the weekly S2 at 1.0881 yesterday; however, today the greenback has managed to recover slightly. We expect the pair appreciating towards the weekly S1 at 1.0929 and there should not be any major difficulties to break it. The next target for the U.S. Dollar is likely to be the monthly PP at 1.0964, around this level the pair could consolidate for some time. The longer term technical indicators are bullish and that could encourage traders to buy.
Traders' Sentiment
The gap between the amounts of long and short positions open on USD/CAD has widened significantly since the previous report, 73% are bullish, after yesterday's 46%.
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