© Dukascopy Bank SA
- Royal Bank of Canada (based on Business Recorder)
Pair's Outlook
The American Dollar decline against the Loonie for another day, as it is slowly driving the exchange rate away from the multi-year highs. The USD/CAD breached the nearest support and even tested the second one; however, it proved to be impenetrable for now. As a result, the Greenback is to attempt and regain its bullish momentum, rebounding from the monthly and weekly S1s. The Buck will doubtfully reach the 55-day SMA, which is the ultimate daily target, as the Bollinger band is somewhat blocking the path.
Traders' Sentiment
Market sentiment slightly improved, as 54% of traders now hold long positions (previously 53%). Meanwhile, the number of buy orders increased dramatically, from 22 to 61%.
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