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– RBC Capital Markets (based on FXStreet)
Pair's Outlook
Even though the US Dollar outperformed its Canadian counterpart on Monday, more bullish momentum seems unlikely. The main reason for that is the nearest resistance area, located around the 1.33 psychological level. The resistance is formed by the 200-day SMA, the weekly and the monthly R1s, the Bollinger band, the 38.20% Fibo and, most importantly, the upper border of the five-month ascending channel pattern. However, we should not rule out the possibility of a positive outcome completely, as technical indicators retain bullish signals. Furthermore, there is room for an 58-pip surge towards the trend-line specifically, unless the 200-day SMA triggers a sell-off earlier.
Traders' Sentiment
SWFX traders' sentiment is bearish at 71%, while there are 62% of all pending orders to sell the American Dollar.
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