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– based on economies.com
Pair's Outlook
The USD/CAD exchange rate is struggling at the first monthly support at 1.2846 mid-Wednesday. Previously, on Tuesday the currency exchange rate fell below the second weekly support at 1.2875 and reached the monthly S1. Moreover, the pair reached below the monthly support before ending day's trading session at the before mentioned level. The rate is most likely to continue moving lower, as the next notable support level is at 1.2767, where the third weekly support and lower Bollinger band are located at.
Traders' Sentiment
SWFX trader sentiment at the moment is 62% bullish. However, pending commands are 57% to sell the currency pair, which indicates at a continuation of the downward movement.
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