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- Paul Bednarczyk, 4CAST (based on Reuters)
Pair's Outlook
Despite the proximity to the dense support area, USD/CAD refuses to commence a robust recovery, fluctuating a few steps away from the 200-day SMA at 1.0272. The weekly S1, major up-trend line and price action in 2009 and 2010 even further harden the case for the surge, through we must note the absence of support from the technical indicators that are largely mixed at the moment.
Traders' Sentiment
Traders' sentiment towards USD/CAD is perfectly unchanged from what we observed yesterday. Accordingly, the distribution among the long and short positions is respectively 73% and 27%. The proportion of buy orders placed on USD/CAD, on the other hand, increased to 66%.
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