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- BMO Capital Markets (based on Business Recorder)
Pair's Outlook
As was anticipated, the psychological resistance line at 1.2962 caused the USD/CAD to make a U-turn and even fall back under the 1.29 level. The weekly PP at 1.2909 is now the closest resistance, with the 1.2962 line still unlikely to allow the pair to edge higher. Meanwhile, the daily technical indicators are in favour of a bullish outcome, despite that the Greenback could remain weakened against the Canadian counterpart. In case of losses, they are to be limited by a tough support cluster around 1.2780, formed by the weekly S1, the 20-day SMA and the monthly pivot point. Nonetheless, a possibility of the given pair remaining relatively unchanged over the day is also present.
Traders' Sentiment
Bulls take up 51% of the market, unchanged since Monday, whereas the number of buy orders plummeted from 70 to 45%.
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