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- Sumitomo Mitsui Bank (based on CNBC)
Pair's Outlook
The Loonie attempted to break through the up-trend, but thanks to the 55-day SMA the support remained intact. The USD/CAD is expected to preserve its bullish momentum and take another step towards reaching the September high at 1.3456. However, the pair must first conquer the supply circa 1.3270, where the monthly PP rests and the weekly R1 coincides with the Bollinger band. In case the Greenback decides to ignore the support, a cluster just under the 1.31 major level is likely to limit the downside volatility, while the second target is represented by the 100-day SMA at 1.2981.
Traders' Sentiment
For the fourth consecutive day long positions account for 47% of the market, while the number of buy orders declined from 67 to 56%.
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