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- CIBC World Markets (based on WBP Online)
Pair's Outlook
Yesterday's performance of USD/CAD was counterintuitive, taking into account worse-than-expected fundamentals from Canada. The resistance cluster around 1.2560 was easily breached, and the pair settled at 1.2580. For Friday there are many signs pointing to a slump in the Greenback's value; however, judging by latest developments, the US Dollar might still outperform the Loonie. The technical studies remain mixed, while nearest resistance is located at 1.2642, implied by the monthly PP. In case of a sell-off, losses are likely to be limited by 1.2520.
Traders' Sentiment
Bullish traders grow in numbers, and 74% of all positions are long, whereas the portion of sell commands now prevails with 69%.
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