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"We seem to be stuck in a range as Canadian dollar volatility has basically been sapped out. Employment numbers always cause a little bit of volatility, so look for those numbers to cause a bit of movement. Event risk is really centered around the fiscal cliff."
- Bank of Montreal (based on Bloomberg)
Pair's Outlook
Pair tried to step up higher, but was rather fast to receive a pressing from weekly (PP) at 0.9934 which led to 50 dip dive and at the moment is supported by cluster of support levels at 0.988. We are likely to see an additional dip to 0.985, where effects coming from the RSI and the Stochastic indicator are likely to kick in and pair should climb once more with intention to step up to parity.
Traders' Sentiment
Greenback is becoming even more attractive for the traders as bulls gained additional 4% of the market and at the moment hold 70% of all positions in the market. Pending orders point at domination of the bulls as well—bears have posted only 31% of all pending orders on the pair.
© Dukascopy Bank SA