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- National Bank Financial (based on WBP Online)
Pair's Outlook
The USD/CAD currency pair kept edging closer to the six-year high yesterday. The Bollinger band was able to prevent the given pair from rallying , as was anticipated; although the 2009 high is yet to be reached. The Greenback held strong against its Canadian counterpart for four straight weeks, and today the US Dollar is expected to rise for the third time in a row this week and pierce the 1.30 major level. The closest resistance now lies around 1.3015, represented by the weekly R3 and the upper Bollinger band, which also form the main target for today.
Traders' Sentiment
Bears keep pressuring the bull, as 71% of all positions are short today. The share of purchase orders declined from 60 to 36%.
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