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"That's a large enough move in my mind that it would start to have some implications. When you have large enough movements, it starts to get flagged as a potential, dare I say, souring effect on Canadian-dollar sentiment."
- Deutsche Bank (based on Bloomberg Businessweek)
Pair's Outlook
Pair did not manage to advance above the weekly R1 and returned to the vicinity of 10th of October peak at 1.0420. If the pair dips below 1.04 we might expect a sell off till 1.0318. Failure there would lead to a sell off at least till 1.0272. In orders to start a full pledged rally the pair should advance above the October high at 1.0497 which seems doubtful at the moment.
Traders' Sentiment
After yesterdays noticeable increase in market bullishness the market sentiment has not moved a bit. 74% or market participants hold long positions on the pair. Slim, but still a majority (57%), are sent in their benefit as well.
© Dukascopy Bank SA