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- John Curran, CanadianForex (based on Reuters)
Pair's Outlook
As it turned out, a recent breach of the long-term moving average (for 200 day) was insufficient to change the outlook from positive to negative, especially considering that the major up-trend support line at 1.0209 was not violated. There USD/CAD formed a trough and commenced a recovery, though the rally is currently under considerable pressure—most of the daily studies give ‘sell' signals.
Traders' Sentiment
The bullish sentiment of the SWFX marketplace participants towards USD/CAD has strengthened over the weekend, with the share of open long positions increasing by two percentage points to 74%. At the same time the gap between the buy (64%) and sell (36%) orders narrowed.
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