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- Tyler Yell, Daily FX
Pair's Outlook
The US Dollar remained unchanged against the Canadian Dollar by the middle of Monday's trading session. The reason for that can be explained with both technical and fundamental analysis. First of all the rate struggles to move either up or down, as it is squeezed in between a resistance cluster near 1.3150 from the upside and the 200-day SMA at 1.3103 from below. Secondly, the markets are expecting the announcements from the Bank of Canada, which are scheduled for Wednesday. Due to these reasons it is most likely that the rate will remain unchanged until the scheduled events occur.
Traders' Sentiment
SWFX traders have become bullish, as 52% of open positions are long on Monday. Meanwhile, 53% of trader set up orders are to buy the Greenback.
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