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- CIBC World Markets (based on The Wall Street Journal)
Pair's Outlook
The loonie finally found a reasonable support level, which is the Bollinger band positioned at 1.0059, and reversed the movement north direction. Considering a continuation of the depreciation, the pair might slide gently along the band, but this is not very realistic, as the RSI reached a value of 31. An upside movement firstly would experience a resistance at 1.0115, where the 100-day SMA merges with the weekly S1.
Traders' Sentiment
SWFX marketplace participants enjoy today's movement, as the vast majority of the market, 72%, is occupied by long positions. Placed orders market is bullish, since 66% of orders are waiting to buy the U.S Dollar against the Canadian currency.
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