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- Marc Chandler, BBH (based on 4-traders)
Pair's Outlook
As was anticipated, the American Dollar touched the immediate resistance area around 1.3313 yesterday, but was unable to keep outperforming the Canadian counterpart. Ultimately, the USD/CAD closed with just a five-pip rally, as the monthly S1 and the Bollinger band kept the pair afloat for another day. Being that there are no potential market movers present today as well, the Buck is likely to remain relatively flat by the end of the day, still located in between the monthly S1 and the 38.20% Fibo. Technical studies are somewhat bolstering this possibility, as they keep giving mixed signals in the daily timeframe.
Traders' Sentiment
Bullish trader's sentiment returned to its Monday's level of 60%, while the number of buy orders inched up from 48 to 55%.
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