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"The Canadian dollar wasn't (rallying) as it was waiting for the Bank of Canada risk to pass. Now that it's passed, this type of steady-as-she-goes statement opens up the potential for Canadian dollar strength."
- Scotiabank (based on Reuters Canada)
Pair's Outlook
For the past 10 days pair has been rather erratic and has been trading within the 0.9900-0.9950 boundaries. Technical indicators give negative outlook on the pair, but as it seems from current development s market participants see some potential in the pair as they don't allow it to deviate far from the parity.
Traders' Sentiment
Bulls are holding the ground firmly, as 68% of outstanding positions on the pair are long. Pending orders are remaining evenly distributed between bears and bulls suggesting that significant change in the market moods should not come anytime soon.
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