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- National Bank Financial (based on Reuters)
Pair's Outlook
USD/CAD is slowly grinding lower and is anticipated to move in the same direction in the near term. Nearby there are no notable supports, the closest one is located at 1.0114/04, but the price has still 50 pips to go lower until meeting it. Reinforcing this area is 1.0082/68—a combination of the 200-day SMA, up-trend support line and weekly S2. There the pair should find a bottom and commence a recovery.
Traders' Sentiment
Even though USD/CAD has not yet confirmed that it has reached the turning point, most of the traders are bullish, specifically 70% of them. In any case this may be a good indication that the lowest point is nearby. On average the loonie is even less preferred than the Yen, bought in only 27% of cases.
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