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"Even though the Canada story isn't that strong on its own, on a relative basis, it's still a very strong story."
- Camilla Sutton, Scotiabank (based on WSJ)
Pair's Outlook
The US dollar has been trading flat against the Canadian dollar, stabilizing around the 55-day SMA. If bullish reversal to take place, 1.0229 (PP Weekly) is likely to be the first target for bulls, followed by 1.0299 (R1 Weekly) and 1.0327 (Upper Bollinger band).
Traders' Sentiment
57% of investors are long on USD/CAD, expecting the US dollar to appreciate against the Canadian dollar, while 43% of currency traders expect an alternative scenario. The allocation of positions point at a bearish sentiment over USD/CAD as 57% of investors keep short positions.
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