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- CIBC World Markets (based on Bloomberg)
Pair's Outlook
USD/CAD has declined significantly this week, as the pair has dropped around 150 pips lower from this week's high at 1.0998. As of today the pair is trading around the 1.0850; however, we do not expect a further decline. Possibly, the pair might touch the monthly PP at 1.0819; although, from there the pair's price should go up the hill. The target level for the bullish traders remains around the 1.09 level, there is also the weekly S1 at 1.0902.
Traders' Sentiment
Moreover, an overwhelming majority of the SWFX traders believe that the U.S. Dollar is undervalued relative to the Canadian counterpart for the time being. In the meantime, the share of orders to enter the market with a buy trade edged up to 49%.
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