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– Janet Yellen, chairwoman of the US Federal Reserve (based on BBC)
Pair's Outlook
The US Dollar continues to score gains against the Canadian Dollar on Monday, as it surged on Janet Yellen's announcement that the US Federal Reserve is most likely to raise rates. The rate started Monday's trading session at 1.2995, which is lower than the Friday's closing rate of 1.3008. However, the rate rebounded against a support cluster located below it, and it had surged to 1.3015 mid-Monday. The pair is set to surge even more, as the next resistance level is located at 1.3043, and it is the monthly pivot point, which is set to become obsolete on Thursday.
Traders' Sentiment
Trader sentiment is bearish on Monday, as 59% of open positions are short. In the meantime, pending orders are almost neutral, as 51% of commands are long.
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