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"The overall larger trend for the Canadian dollar is that we're likely to go lower."
- Cambridge Global Payments (based on Reuters)
Pair's Outlook
USD/CAD has just established a new accelerated up-trend that suggests a bullish outlook as long as support at 1.3166 (reinforced by the 55-day SMA) remains intact. The immediate resistance is at 1.3260, and this level could potentially delay further development of the advancement from 1.2840. However, considering the weekly technical indicators, the bulls should eventually push through the obstacle, and this will expose the September high at 1.3455.
Traders' Sentiment
There was no change spotted in the neutral attitude of the market towards USD/CAD: 47% of positions are long and 53% are short. On the other hand, there was a large move in the orders, where the share of buy ones plummeted from 79 to 37%.
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