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"It still seems that people are willing to buy the dollar dips ... we still think that C$1.08, C$1.0850 is very achievable in the near-term."
- CIBC World Markets (based on Reuters)
Pair's Outlook
It seems that yet another try of USD/CAD to rise beyond 1.0701/1.0693 did not turn out to be successful—the price is moving away from 2010 highs en route to the up-trend line. This support at 1.0639 should be able to prevent the decline from going deeper and reignite bullishness of the pair that in the end is expected to surpass the nearest resistances, as implied by the weekly studies.
Traders' Sentiment
The advantage of bulls in the market keeps on melting—at the moment 62% of bets are on appreciation of the U.S. Dollar, while during the last trading day there were 64%. As for the orders, there are substantially more traders willing to purchase the buck against the loonie than was observed previously.
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