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"The pair going to just continue to trade sideways for the next few days. Data out of Canada is very light. All housing-centric and none of the individual indicators will be a market mover."
- Klarity FX (based on Reuters)
Pair's Outlook
After a few rather volatile days pair has calmed down and is trading in 30 pips range and at the moment is being depressed by weekly pivot (PP), 20 and 55-day SMAs. Although medium term technicals point at the recovery of the pair, daily technicals give almost unanimous sell signal suggesting that we might be on the verge of a major plunge.
Traders' Sentiment
It seems that bulls are willing to push the greenback higher as their share in the market has increased by 7% since yesterday and they account for 74% of the market participants. Pending orders are in favour for the bulls as well—72% to go long.
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