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— Kenny Fisher, Market Pulse (based on investing.com)
Pair's Outlook
By the middle of Tuesday's trading session the US Dollar against the Canadian Dollar remained above the support cluster near the 1.33 mark, which kept the rate from declining for the past four trading sessions. However, the release of Canadian Retail Sales provided the long expected push for the Loonie against the Buck. The rate moved below the cluster, and it is set to move lower to the first weekly support level, which is located at the 1.3253 level. If the rate passes the weekly S1, it would have a free range to fall as low as the 1.3216 level, where the 55-day SMA was located at on Tuesday.
Traders' Sentiment
Traders remain bearish on the pair, as 61% of open positions are short, and 52% of trader set up orders are to sell the Buck.
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