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— Gregor Horvat, Elliot Wave Financial Service (based on investing.com)
Pair's Outlook
During the first half of Thursday's trading session the US Dollar continued to depreciate against the Canadian Dollar, as the currency exchange rate fell below a strong support cluster. The move follows the fall of 175 base points suffered during Wednesday's trading session on FOMC rate announcement. Due to the fact that the pair has already fallen below the cluster surrounding the 1.33 mark, the pair is set to fall down to the 1.3221 level, where the 55-day SMA is located at. Moreover, below the simple moving average the closest support level is the 1.32 mark, where monthly PP is located at 1.3199 level.
Traders' Sentiment
Traders continue to short the Buck, as 66% of open positions are short on Thursday. Meanwhile, 52% of trader set up orders are to sell the Buck.
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