© Dukascopy Bank SA
- Western Union Business Solutions (based on Reuters)
Pair's Outlook
The Canadian Dollar demonstrates weakness and depreciates for the second week. The price moves along the upper Bollinger band and is very close to the monthly R2 at 1.0246. There it is likely to experience a strong selling pressure, since the area above is empty of significant levels and traders are expected to take a part of their profits around the upcoming resistance level.
Traders' Sentiment
The gap between the bulls and bears has slightly widened, as the buy side slipped to 42% and the sell side reached 58% of all opened positions on the SWFX market. Pending orders' market favour appreciation, as 66% of orders are buy and 34% are sell.
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