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- Henry Liu, Henry Liu Forex (based on investing.com)
Pair's Outlook
During the first half of Tuesday's trading session the US Dollar continued the walk of victory against the Loonie. The surge began on Monday, as the rate found support at the 1.3085 level, and since then the Buck had jumped to 1.3227 by the middle of Tuesday. However, at that level the currency exchange rate was stopped by the 55-day SMA, which, combined with the upper Bollinger band at 1.3212, provides strong enough resistance to stop the surge. It is most likely that this pause will be short lived, and the pair will continue soon to the weekly R1 at 1.3274 level.
Traders' Sentiment
SWFX traders have decreased their bullish outlook, as 55% of open positions are long on Tuesday, compared to 59% previously. Meanwhile, 54% of orders are to buy, compared to 48% on Monday.
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