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- Nordea (based on Reuters)
Pair's Outlook
The support at 1.0212 attempted yesterday to initiate a rally, but once USD/CAD touched upon the lower edge of the resistance area at 1.0267/51, bears responded immediately by selling off the U.S. Dollar. Now the currency pair is expected to focus on the supports, the first of which stands at 1.0163, though the dip should extend at least down to 1.0123/14.
Traders' Sentiment
In all of its crosses the Canadian currency is bought in only one case out of four, revealing the dominant view that it is not going to stop at the current level, but will keep on reaching new lows. The ratio between the bulls and bears at the moment is 71% to 29% just as yesterday.
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