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"The retail data is a huge disappointment. Being range-bound is the theme for the Canadian dollar today, especially with U.S. markets closed and quiet markets here."
- Toronto-Dominion Bank (based on Bloomberg)
Pair's Outlook
After promising session yesterday pair did not manage to breach 20-bar SMA and was pushed down to 0.9961. It is rather unlikely pair will drop much further, but it is reasonable to await it testing 0.9920 anytime soon. If pair manages to drop below this level, 0.9900 should stop this dip and push pair back up.
Traders' Sentiment
Bulls gained additional market share and at the moment they hold 66% of all outstanding positions on the pair. Distribution of pending orders has not changed a bit and remains in their favour as well—60% of all pending orders on the pair are to go long.
© Dukascopy Bank SA