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- CMC Markets (based on WBP Online)
Pair's Outlook
Even though the USD/CAD went over the weekly R1, trade still closed only at 1.3421. Nevertheless, the US Dollar edged higher against the Loonie, but a correction is expected to take place today. Commodity currencies are on the rise today, thus, the Canadian Dollar is pushing the Greenback lower, back under the 1.34 major level. The Bollinger band represented the nearest support, although the given pair risks falling even deeper, namely towards the monthly R1 at 1.3343.
Traders' Sentiment
Bears keep dominating the market, as 70% of all positions are short (previously 71%). There are significantly less orders to acquire the Greenback, namely 37%, compared to 75% yesterday.
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