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- Swissquote Bank (based on WBP Online)
Pair's Outlook
After the sixth attempt the US Dollar breached the psychological 1.2650 support level, stabilising right on top of the 1.26 mark. The American Dollar remains muted ahead of the Federal Funds Rate decision, but according to the preserved bearish trend the USD/CAD is expected to sustain another loss. The nearest support to limit the dips rests around 1.2475, represented by the weekly S1, the Bollinger band and the monthly S2. Technical studies now shifted from bearish to mixed, implying that a recovery today is not out of the question; if this scenario prevails, the monthly S1 and the weekly PP circa 1.2736 are the levels to attempt to contain the gains.
Traders' Sentiment
There are 64% of traders holding long positions (previously 62%). Meanwhile, the share of buy orders increased from 53 to 72%.
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