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- IG (based on CNBC)
Pair's Outlook
Yet again the US Dollar fails to live up to expectations, as it did not advance as much versus the Canadian currency. Volatility did reach a daily high of 1.2360, but the trade still closed at 1.2316, 12 pips off the target. The Greenback is likely to rally again today, in spite of bearish technical indicators. Furthermore, the weekly PP at 1.2328 will doubtfully have sufficient strength to stop the pair from climbing up. Ultimately, the American Dollar should stabilise around 1.2360, amid lack of momentum to reach a strong resistance cluster around 1.24.
Traders' Sentiment
The majority of traders, namely 51% now hold long positions, while the number of purchase orders advanced from 29 to 32%.
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