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- RBC Capital Markets (based on Reuters)
Pair's Outlook
USD/CAD seems to be entering a period of correction, after touching the highest level this year at 1.1675. Most likely the pair will continue its dip until the monthly R1 and weekly PP at 1.1527/24 that could halt it for now. Nonetheless, the weekly technical indicators are mostly bullish, while the daily and monthly ones are neutral. Meaning that a new high might not be in the picture for now, but a decline lower below the 1.15 level is unlikely.
Traders' Sentiment
The traders' sentiment with respect to USD/CAD stays explicitly bullish, since as many as 74% of open positions are long. Moreover, the relative number of buy orders is also growing—100-pips from the spot price their share increased from 41% to 57%.
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