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- Westpac (based on FXStreet )
Pair's Outlook
As was anticipated, the US Dollar weakened against its Canadian counterpart on Tuesday, but managed to remain elevated above the 1.31 mark. Technical indicators are still in favour of the US Dollar today, but a slump under the 1.31 level is still likely to take place. The weekly PP and the monthly R1 remain the closest support area, located right on top of the 1.30 psychological level. Although the US Dollar is expected to remain between the 1.30 and 1.32 levels, a drop towards the second support cluster around 1.2925 is possible, formed by the weekly S1, the 20 and the 55-day SMA.
Traders' Sentiment
Market sentiment is once again reached a perfect equilibrium today, whereas the number of orders to sell the US currency increased, namely from 40 to 58%.
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