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- TD Securities (based on Reuters)
Pair's Outlook
The U.S. Dollar has depreciated towards the weekly PP at 1.1202, after USD/CAD traded just 9 pips shy of this year's high on Friday. At the same time the majority of the weekly and monthly technical indicators are bullish, increasing the possibility of the bullishness to continue. If the weekly PP at 1.1202 holds the pair above the major level then a short-term advance could follow. However, if the pair falls below the previously mentioned level then a sell-off towards the weekly S1 at 1.1132 is possible.
Traders' Sentiment
The sentiment towards the pair stays strongly bullish as 73% of the market participants expect that the buck will outperform the Loonie. Meanwhile, the share of buy orders grew from 49% up to 73%.
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