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"I'm not sure we're going to go that much lower for now, this is a pretty decent correction in the overall scheme of things."
- TD Securities (based on Reuters)
Pair's Outlook
The pair started the day off with a slight decline; however, as expected it found a resistance at 1.1000, which proved itself as an important level. Now the pair has to face monthly PP at 1.1053 and it might offer some resistance; although, we expect that it will be broken. We think that USD/CAD will appreciate to trade considerably higher, it might head for at least monthly R1 at 1.1197 and major 1.1200 level.
Traders' Sentiment
The bullish sentiment towards USD/CAD has increased among the SWFX market participants and it has reached 74%. In the meantime, the share of orders to enter the market with a buy trade edged up to 76% compared to yesterday's 51%.
© Dukascopy Bank SA