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- Royal Bank of Canada (based on Reuters)
Pair's Outlook
The greenback extended its decline against the Loonie today as the weekly S1 at 1.0705 was approached. The next support level (weekly S1 and monthly S2) could indicate pair's downtrend strength. If this support level fails to stop pair's retreat then 2011 high might be reached. Nevertheless, it is rather likely that greenback's retreat could stop here or at least to slow down. The daily technicals are also taking neutral stance.
Traders' Sentiment
More than 70% of the SWFX market participants believe that the U.S. Dollar is going to outperform the Canadian currency. And this number could go even up, as 65% of orders are placed to purchase the greenback.
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