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- TD Securities (based on FXStreet)
Pair's Outlook
On Wednesday, the Greenback surged against its Canadian counterpart and breached the 1.30 barrier. Furthermore, the USD/CAD closed just 20 pips away from the 2009 high, but is yet to conquer that area, as a decline is expected today. The US Dollar is likely to retreat under 1.30, while the possibility of negating yesterday's gains also persists, as the immediate support remains unchanged, namely the weekly PP. Meanwhile, technical studies are giving mixed signs, unable to confirm the probability of a slump today.
Traders' Sentiment
Bears keep prevailing over bulls, as 71% of traders are short the Buck today. The portion of buy orders increased from 56 to 59%.
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