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– Eli Wright, investing.com
Pair's Outlook
The US Dollar was in its fifth consecutive session of losses against the Canadian Dollar, as the currency exchange rate continued its way lower to a milestone level. The rate was set to pass the 1.30 mark on its way to the closes support cluster. The closest support cluster is located just below the 1.30 mark, as the weekly S1 is at 1.2991 and the 23.60% Fibonacci retracement level is at 1.2988. Although, as the technical clues indicate of a decline, the markets will be more affected by the comments of Janet Yellen, which is set to testify before the Congress.
Traders' Sentiment
Traders remain bullish, as 65% of trader open positions are long. In the meantime, 56% of trader set up orders are to buy the Greenback.
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