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– Blackwell Global (based on investing.com)
Pair's Outlook
The US Dollar was in the previously forecasted retreat against the Canadian Dollar during the middle of Thursday's trading session. During the first half of the day's trading session the currency exchange rate had touched the 1.3009 level. The move occurred after the rate failed to break higher during Wednesday's trading session, as it faced a strong resistance cluster above the 1.31 level. The rate is set to continue the fall to at least as low as the 1.2991 level, where the weekly S1 is located at. In addition, the weekly S1 is supported by the 23.60% Fibonacci retracement level.
Traders' Sentiment
SWFX traders remain bullish, as 68% of open positions are long on Thursday. Meanwhile, 55% of trader set up orders are to buy the Loonie.
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