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- Roger Hallam, JP Morgan Asset Management (based on Business Recorder)
Pair's Outlook
Another day ended with the Canadian Dollar posting gains against the US counterpart yesterday, with the immediate support cluster managing to limit the losses. However, today the Loonie's rally is unlikely to be stopped by the same demand area, unless the lower Bollinger band kicks in and provides sufficient support at 1.3160. In another case the USD/CAD is expected to drop below 1.3150, taking another step closer towards the nine-month up-trend, which is also reinforced by the 200-day SMA, the weekly and the monthly S2s.
Traders' Sentiment
Market sentiment is close to equilibrium today, as only 51% of all open positions are long, compared to 54% previously. There are slightly more orders to acquire the US Dollar, as their share added an additional percentage point, having risen to 66%.
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