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"Some of the data is coming out a little bit better than expected. Canada's doing a little bit better -- when it weakened off in the middle part of last month, it didn't weaken off quite as far as it did in March. The weakness is a little shallower with each move so that seems to be trending in Canada's favor."
- Bank of Montreal (based on Bloomberg)
Pair's Outlook
After a brief try to inch up a bit earlier today, pair continued to depreciate and at the moment is hovering slightly above weekly S1 at 1.003. Short term technical indicators suggest that pair might test the strength of a parity soon. However, from the looks of it, it is unlikely that pair will manage to breach it as medium and long term technicals are neutral and market sentiment is strongly bullish.
Traders' Sentiment
Bulls strengthened their positions by further 2% and at the moment they hold 72% of all open positions on the greenback/loonie cross. It is rather evident that bulls should continue dominate in the market since 73% of pending orders are posted by them as well.
© Dukascopy Bank SA