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- BMO Capital Markets (based on Reuters)
Pair's Outlook
The long awaited bullish impetus has been received and that pushed the pair towards the 1.14 mark through yesterday and today. The bullishness was received from the weekly and monthly PPs that are located at 1.1242/66, respectively. For now we anticipate the pair to climb towards the 1.15 level, which still remains untouched. Moreover, also the majority of the weekly and monthly technical studies are pointing to the north.
Traders' Sentiment
While there is a clear advantage in the number of longs (71% of the market), 50 pips from the spot a majority of the commands is to sell the U.S. Dollar against the Loonie. Though 100 pips from the spot already 52% of the orders are to buy the Greenback.
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