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– based on Talking Forex
Pair's Outlook
The US Dollar struggled to book gains against the Canadian Dollar on Monday, as the pair was struggling with the newly formed, weekly pivot point at 1.2993. However, the currency exchange rate did not manage to pass the resistance, and it slightly depreciated, as it started Monday's trading session at 1.2954 and ended day's trading at 1.2945. In the first half of Tuesday's session, the pair has already managed to break the resistance and move above the 1.30 mark, as the USD/CAD pair traded at 1.3017 by 11:15 GMT.
Traders' Sentiment
SWFX continue to be bullish on the pair, as 72% of open positions are long, which is close to being considered overbought. In the meantime, pending orders in the 100-pip range have shifted and become short, as 60% of pending commands are short.
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