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- Scotiabank (based on FXStreet)
Pair's Outlook
The USD/CAD currency pair ended the previous week with a small decline, remaining below the 1.32 level. Moreover, the pair opened with a relatively strong bearish gap today, but further bearish development seems doubtful, as a strong demand area is located just below today's opening price. This support cluster is represented not only by the Bollinger band, the monthly S2, the weekly S1 and the 200-day SMA, but also by the nine-month up-trend. Nevertheless, technical indicators still insist the Greenback is to allow the Loonie to take the upper hand, as they keep giving bearish signals.
Traders' Sentiment
There are now 63% of traders with a positive outlook towards the US Dollar today, compared to 51% on Friday. Meanwhile, 62% of all pending orders are to acquire the American Dollar.
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