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"We have taken a pause from all of the negative sentiment. For now I think people are trying to bask in the absence of any new disasters."
- CIBC (based on WSJ)
Pair's Outlook
The American Dollar has fallen lower against the Canadian dollar since yesterday. If bearish impetus to strengthen, 1.0103 (200-day SMA Weekly) is likely to be the first target for bulls, followed by 1.0299 (R1 Weekly) and 1.0327 (Upper Bollinger band), respectively.
Traders' Sentiment
The broad majority of traders (71%) still holds long positions on USD/CAD whereas 29% of market participants anticipate the pair to move lower. However, pending order dispositions reveal that the market sentiment is neutral as 50% of investors hold long and short positions.
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