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"The 2014 trading pattern to me looks a fair bit like what we saw last year. So, given the bounce we had last year, given the general seasonal trend over the last 15 or so years for May to be a little bit better for the U.S. dollar from a seasonal point of view, I do think we're close to a low point here."
- TD Securities (based on Reuters)
Pair's Outlook
Pair is maintaining it's mildly bullish stance and seems t be aiming at major level at 1.1000. Peak above it would pave the way for appreciation till 1.11. However, fair share of resistance should be anticipated around 1.103 and 1.107. A failure at any of these areas could provoke a major sell off which, taking in to account lack of major technicals along the way, could cause the pair to drift as low as 1.0900.
Traders' Sentiment
Loonie is still perceived the stronger currency in the pair as 60% of traders expect it to depreciate. Pending orders showed minor change and remain almost equally divided between the long and short traders.
© Dukascopy Bank SA