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f we see disappointing numbers out of Europe, that's something that may undermine appetite for risk and that may limit any upside for the Canadian dollar."
- Commonwealth Foreign Exchange (based on The Wall Street Journal)
Pair's Outlook
After brief dip pair managed to consolidate above parity condition. However, with this advance Stochastic indicators on daily and weekly outlooks indicate that pair is being overbought and we are a day or two away from a bearish correction. This would suggest that at the moment we are seeing formation of second top for a Double Top pattern with support level at 0.9917.
Traders' Sentiment
Bulls are starting to lose ground in the market. Today they account for 57% of all market participants—2% less comparing to yesterday. However, share of pending long orders increase by 6% and account for two thirds of all pending orders so it is rather likely this setback was just temporary.
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