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— Marc Chandler, Brown Brothers Harriman (based on investing.com)
Pair's Outlook
During the first half of Thursday's trading session the US Dollar traded against the Canadian Dollar near the 1.3325 level, almost unchanged, compared to the previous closing price. However, by the middle of the day the currency exchange rate had fluctuated more to the upside, as it had a larger range without resistance than it had until the closest support level. In general, the pair was squeezed in between the 20-day SMA at 1.3362 and the 38.20% Fibonacci retracement level at 1.3313 because the markets were expecting the speech of Janet Yellen and other FOMC members, which were set to talk in the second part of the day.
Traders' Sentiment
Traders are bearish, as 60% of open positions are short and 54% of trader set up orders are to sell.
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