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- CIBC World Markets (based on Reuters)
Pair's Outlook
The U.S. Dollar weakened beneath the monthly S1 at 1.0859 for the second time this month already, after last time approaching this level at the beginning of this year. This decline is showing the weakness of the greenback; however, the drop is not significant and that should not change traders sentiment by much. Since the pair is trading below the monthly S1 we expect a further depreciation towards the May low, 200-day SMA and weekly S2 at 1.0813/1.0796.
Traders' Sentiment
Pair's sentiment is at 67% for the third trading day out of last four, meaning that SWFX market participants believe the buck will outperform the Loonie.
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