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- RBC (based on Bloomberg)
Pair's Outlook
The USD/CAD moved in a zig-zag pattern during the whole day, yet, formed another bullish candle. The weekly and monthly pivot points have not affected the cross performance and the trades are happening above the Bollinger band at 1.178, currently. In spite of the pair being mostly overbought now, the 55– 100– and 200-day SMAs are pointing higher. In the CAD continues to weaken against the USD, some resistance around the 1.189 level should be faced.
Traders' Sentiment
61% of traders are betting on the USD strength, while 39% are short, respectively. Meanwhile, some part of the pending orders was closed lately as 50-pip orders were closed by 24% and 16% for the 100-pip ones.
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