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"When you have better employment data coming from the U.S. that should be good for Canada. But overall, the story is really outside of Canada, it's just that other currencies are moving faster and so euro moving lower has put a little bit of downside pressure on the other currencies and we're seeing CAD really as a mid-performer."
- Bank of Nova Scotia (based on Bloomberg)
Pair's Outlook
20-day SMA provided enough support yesterday, but didn't manage to do so today as pair lost additional 30 pips today. It does not seem that weekly S1 will manage to provide strong support for the pair. As a consequence we might expect a dip till 1.01 where a cluster of support levels can be found.
Traders' Sentiment
Market attitude towards the pair hasn't changed a bit since yesterday as 68% of outstanding positions on the pair are long. Same number can be seen in distribution of the pending orders as well and all in the favour of the bulls too.
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