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— Martin Essex, Daily FX
Pair's Outlook
During the first half of Monday's trading session the US Dollar depreciated against the Canadian Dollar, as the currency exchange rate was about to pass the support cluster below it, just above the 1.33 mark. However, in the aftermath of a fundamental data release in Canada the currency exchange rate began a surge, and the rate approached the weekly PP, which is located at the 1.3374 level. It still remains to be seen, whether the weekly PP will be strong enough to force the rate into another attempt at the before mentioned support cluster.
Traders' Sentiment
SWFX traders remain bearish, as 63% of open positions are short. In addition, 53% of set up orders are to sell the Buck.
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