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- RBC Capital Markets (based on Reuters)
Pair's Outlook
Despite USD/CAD falling down to the up-trend support line yesterday, which was supposed to reverse the direction, the currency pair is still not willing to commence a recovery and today has reached out for the weekly and monthly S1 at 1.0342. Another notable support level is as much as 60 pips away from the spot and is formed by the 200-day SMA and the rising trend-line.
Traders' Sentiment
Most of SWFX marketplace participants consider USD/CAD as an unlikely instrument to trade lower, since 70% of them are presently holding long positions. Accordingly, 30% of traders do not see the bearish momentum as fully exhausted and assume the greenback is prone to add to the recent losses.
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