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- Carolyn Wilkins (based on Bloomberg)
Pair's Outlook
The Canadian Dollar weakened versus its US counterpart and the pair rebounded from the weekly PP at 1.237. The pair has tested the February 2014 low level again and regained some losses from yesterday. If the cross manages to continue the bullish move, the next resistance level will be met at the weekly PP, 1.252 or the 68.80% Fibonacci. In case of a tumble, an immediate resistance will be found at 100% Fibonacci level.
Traders' Sentiment
The sentiment remains bullish with 73% of long positions. About 60% of the traders hold the 50– pip pending orders long, while the 100– pip ones are bought by 67% of market participants.
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