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– Jamie Saettelle, Daily FX
Pair's Outlook
The US Dollar retreated by mid-day on Monday against the Canadian Dollar. However, the retreat occurred from a much higher opening price than the previous close. Previously, on Friday the rate ended day's trading at 1.3399. Although, it began Monday's session at 1.3428 before the decline of the Greenback against the Loonie began. Nevertheless, by mid-Monday the rate already found support in the weekly PP at 1.3370 and rebounded. It is most likely that the US Dollar will end the day with gains against the Canadian Dollar.
Traders' Sentiment
Traders have decreased their bearish outlook on the pair, as 61% of open positions were short on Monday, compared to 65% on Friday. Meanwhile, trader set up orders are almost neutral, as 51% of pending commands are to sell the Greenback.
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