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"In the short term, yeah I think oil is going to trade heavy, and I think it's going to hurt the commodity currencies and I think you're going to see that in the Canadian dollar."
- Chief market strategist of the Cambridge Mercantile Group (based on Bloomberg)
Pair's Outlook
Pair failed to consolidate above the August high yesterday, but seems to be willing to retest it once more after it found support with monthly R1 today. Peak above August high would put July high on the map, but it should not be breached from the first time. In case of an unexpected failure the pair should find support at monthly R1 once more.
Traders' Sentiment
Bulls continue to hold overwhelming majority (72%) of all open positions on the pair, but pending orders are perfectly evenly distributed between the long and short traders.
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