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"The expectation is the Bank of Canada will maintain its slight hawkish bias."
- Scotiabank (based on Reuters)
Pair's Outlook
The currency pair has already fetched today one of the nearest resistances at 1.0447/32, but still remains capped by the monthly pivot point at 1.0404, while being supported by the 55-day SMA and a lower Bollinger band at 1.0362/49 from below. Judging by the technical indicators, even if USD/CAD falls, it should be underpinned by a major area at 1.0280/53 and then rise, but the outlook is positive on all time-frames.
Traders' Sentiment
Following the weekend the share of market participants who are convinced in U.S. Dollar's bullishness has increased by two percentage points and now totals to 73%. As for the orders, the distribution between the buy (56%) and sell (44%) ones stays perfectly unchanged.
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