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"The Canadian dollar likely got ahead of itself when it was rallying."
- Camilla Stunton, Bank of Nova Scotia (based on Bloomberg Businessweek)
Pair's Outlook
After dropping below 99 cent mark for a short period of time the pair partly recovered as weekly pivot point at 0.9903 provided enough support for the pair. However, it is likely pair will test 98.5 cent mark in the near future where we can find a cluster of support levels.
Traders' Sentiment
Trader sentiments remains bullish and hovers above 70% gauge for the third week. Distribution of pending orders hasn't changed either— 66% of traders have posted buy orders for the pair.
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