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– Marc Chandler, Brown Brothers Harriman (based on investing.com)
Pair's Outlook
With the start of a new week, the US Dollar slightly surged against the Loonie. However, the surge is being stopped by the newly calculated weekly PP, which is located exactly at 1.3055. In the meantime, from the downside the currency exchange rate is facing a strong demand area around 1.2965. Due to the existence of this support cluster, which is represented by the lower Bollinger band, the 23.60% Fibonacci retracement and the weekly S1, it is assumed that the weekly PP's resistance will be broken, and the Buck will eventually surge against the Canadian Dollar.
Traders' Sentiment
SWFX traders remain bullish regarding the pair, as 64% of open positions are long on Monday. In the meantime, 52% of trader set up orders are to buy.
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