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- Westpac (based on WBP Online)
Pair's Outlook
The American Dollar appreciated against its Canadian counterpart yesterday, breaching the 2004 Q3 high and, thus, reaching a fresh ten-year high. The USD/CAD does not stop here, as it keeps pushing even higher today, although at a rate not as high as previously. Immediate resistance is located at 1.3442, represented by the weekly R1, whereas the Bollinger band is supporting the pair from below at its opening level. Any possible movement to the downside is just setback and is unlikely to hold gains for long.
Traders' Sentiment
Short positions returned to their last Thursday's level of 71%. Meanwhile, the majority of all orders are to acquire the US Dollar, taking up three quarters of the market, namely 75%.
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