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- TD Securities (based on FXStreet)
Pair's Outlook
The USD/CAD slightly disappointed, as the pair edged not as high as anticipated. The Greenback barely managed to cross the 1.23 psychological level, as it settled at 1.2315. We still expect the US Dollar to outperform its Canadian counterpart, with the weekly PP acting as the immediate resistance. However, another strong resistance cluster is located around 1.24, represented by the 20 and 100-day SMA, which is more likely to prevent the surge than the weekly PP. Meanwhile, technical studies retain bullish signals, bolstering the possibility of the positive outcome.
Traders' Sentiment
Market sentiment is now bearish, with only 49% of traders holding long positions, whereas the share of buy orders slid from 46 to 29%.
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