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"The worst-performing currencies are Canada, Australia and Norway, and that speaks volumes in terms of where the market sentiment is with respect to the commodity block right now."
- National Bank Financial (based on Reuters)
Pair's Outlook
Having found formidable support just beneath 1.2480, created by the 55-day SMA and weekly S1, USD/CAD effortlessly pierced through the monthly pivot point. The currency pair is now headed towards the monthly R1 at 1.2735, but should extend the gains even further, up to the rising trend-line at 1.2830. This scenario is reinforced by the weekly studies, while the longer and shorter term inticators are either mixed or neutral.
Traders' Sentiment
Most market participants seem to be convinced in bullishness of the US Dollar relative to its Canadian counterpart, as 69% of them are currently holding short positions. Concerning the orders, the percentage of buy ones plunged from 68 to 46%.
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