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- Royal Bank of Canada (based on the Financial post)
Pair's Outlook
U.S. Dollar - Canadian Dollar currency pair made a new high—1.0338, during New York trading session today. The price peaked during Ben Bernanke's speech, but the chairman said that it is too early to expect tightening, meaning that the U.S. Dollar should depreciate. The price breached the monthly R2 at 1.03 and instantly challenged the Bollinger band, which is currently found at 1.0317
Traders' Sentiment
The vast majority of investors hold bullish positions on the pair, constituting 71% of the market. Waiting orders segment is bullish as well, with 71% of orders ready to buy the buck in exchange for the loonie.
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