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- Royal Bank of Canada(based on Reuters)
Pair's Outlook
Despite presently observed dearth of liquidity, the U.S. Dollar is outpacing its Canadian counterpart. At the moment the currency pair is headed towards 1.0187/84, but also carries potential to reach 1.0235/32, the 20-day SMA and weekly pivot point. As for the technical indicators, daily studies are slightly bearish, whereas on a weekly time-frame that augur robust recovery.
Traders' Sentiment
A shallow rally increased attractiveness of longs positions, goading investors into buying the U.S. Dollar and thereby pushing the share of bulls in the market up to 66%. The ratio between the buy and sell orders is 67% to 33%, implying that many traders are planning to buy on dips.
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