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– Jeremy Stretch, CIBC (based on Reuters)
Pair's Outlook
The US Dollar slightly depreciated in the first half of Friday's trading session against the Canadian Dollar, as the currency exchange rate mostly fluctuated between the weekly PP at 1.3500 and the old large scale pattern's upper trend line, which recently has been providing support to the pair. It is most likely that the rate will remain below the 1.3500 level by the end of the day, as the US Dollar's walk of victory seems to have finally ended and profit taking is occurring.
Traders' Sentiment
Traders continue to increase their bullish outlook on the pair, as 60% of open positions were long on Friday, compared to 58% on Thursday. Meanwhile, trader set up orders were bearish, as 53% of pending commands were to sell the Greenback.
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