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- Thu Lan Nguyen, Commerzbank (based on Reuters)
Pair's Outlook
The Canadian Dollar took the upper hand, causing its American counterpart to drop to the support cluster around 1.29 yesterday. This area prevented the USD/CAD from edging lower for the third day in a row now; however, risks of It being pierced today are rising. Even though another strong support is located relatively close (around 1.2820), losses might exceed that area as well. Technical studies retain distinctly bearish signs, while the 20-day SMA just crossed the 55-day one to the downside, giving a signal to sell the Greenback.
Traders' Sentiment
For the third consecutive day the share of bulls remains unchanged at 52%. The portion of buy commands declined 17% points to 46%.
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