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- BNP Paribas (based on WBP Online)
Pair's Outlook
At the end of the previous week the US Dollar weakened against its Canadian counterpart, despite the rally at the beginning of the trading session. The Greenback reached out to 1.2670, before edging lower and settling at 1.2567, and in the end the decline turned out to be not as large as expected. Right now, despite the bearish technical indicators, the price is rising, but the monthly pivot point should provide enough supply to limit the gains.
Traders' Sentiment
The portion of bullish traders declined one percentage point, and now 73% of participants are long the Greenback. At the same time, the number of orders to acquire the US Dollar increased, as 34% of commands are set to purchase the Buck (previously 31%).
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