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- CanadianForex (based on Reuters)
Pair's Outlook
The pair started to attack the down-trend resistance line that has been intact since the beginning of March. If the Greenback successfully breaches this line and stabilises its positions above it with a close then we might expect the long awaited up-trend to come into sight. The pair's appreciation is also supported by the technical studies that are largely bullish. Therefore, we expect the pair moving higher and attacking even the next resistance (55-day SMA and weekly R1) slightly below the major level at 1.08.
Traders' Sentiment
The pair's bullish sentiment has reached the highest point in more than two trading as USD/CAD is showing bullish signs. Meanwhile, the share of sell orders fell from 59% to 55%.
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