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– Tyler Yell, Daily FX
Pair's Outlook
The US Dollar surged by mid-day on Monday against the Canadian Dollar, as the currency exchange rate found support in the first half of the day's trading session. The pair found support in the 38.20% Fibonacci retracement level, which is located at 1.3313. Afterwards the currency pair surged and reached the 1.3380 mark. It is likely that the rate will continue to surge throughout the day. Although, the pair is already overbought, and daily aggregate technical indicators forecast no changes in the rate by the end of the day's trading session.
Traders' Sentiment
The rate can be considered overbought, as 72% of open positions were long. Meanwhile, trader set up orders are almost neutral, as 52% of pending commands are set up to sell.
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