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— The National Bank of Canada (based on investing.com)
Pair's Outlook
By the middle of Friday's trading session the Canadian Dollar was making another attempt to appreciate against the US Dollar. The USD/CAD currency pair was located at the 1.33 level, which is in the middle of a strong support cluster. Previously, on Thursday the pair already moved below the cluster, however, by the end of the day the currency exchange rate was back above 1,33, as the Loonie failed to regain ground in the first attempt. Market participants should watch closely, as, if the support cluster would be passed, the rate would have a free range without any support as low as 1.3222, where the weekly R3 is located at and supported by the 55-day SMA at 1.3219.
Traders' Sentiment
Traders remain bearish on the pair, as 64% of open positions are short. Meanwhile, trader set up orders are neutral.
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