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"Growth in the U.S. is good for Canada so you almost have to look at it in North American terms. If they're growing, we're growing by default, and we'll be right behind them in that trade so we're kind of going up and down with the dollar but to a lesser degree."
- Canadian Imperial Bank of Commerce (based on Bloomberg)
Pair's Outlook
Pair continues to depreciate and at the moment is hovering above a cluster of technical levels at 1.0400/358. This should keep the pair supported for the time being, but in orders to uplift most of the downside risk the pair should advance above the September high at 1.0446. Dip below the lower limit of current support cluster (1.0358) could provoke a sell off to 1.0316, where lower 25% of expectations of major market participants starts.
Traders' Sentiment
Canadian dollar is acquired only in 40% across the board. This continues to weigh on the market sentiment as 66% of traders are long on the pair. Bullish side of pending orders, however, decreased by 6% and is at 54% gauge.
© Dukascopy Bank SA