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- TD Securities (based on Reuters)
Pair's Outlook
After the strong performance by the US Dollar yesterday, the pair is declining again. At the moment the USD/CAD is having problems to consolidate above the 1.14 level and also it is lacking a reliable support level. Therefore, downside risks remain in the picture; although, there is definitely room for a appreciation. We see more potential for the pair to climb above the 1.14 level and to target this year's high at 1.1467.
Traders' Sentiment
Similarly to the situation in AUD/USD, here the bulls also dominate the market by taking up 72% of it, which is exactly the same value as the pair's 10-day average. As for the orders, as many as 55% of them are to purchase the Dollar against the Loonie.
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