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- CMC Markets (based on WBP Online)
Pair's Outlook
The American Dollar jumped higher against the Canadian currency on Monday, partially recovering from last week's losses. The immediate resistance was breached, while the cluster above 1.39 succeeded in holding the gains. This cluster, formed by the monthly R3 and the weekly R1, remains a rather strong resistance, while the weekly PP is now the closest support. Meanwhile, technical studies retain their bullish signals, suggesting a retest of the 2004 high at 1.4002 is possible, whereas dips are to be limited by the 1.38 level.
Traders' Sentiment
Slightly more traders have a positive outlook towards the Greenback today, namely 32% (previously 30%). The portion of orders to acquire the Buck, however, declined from 44 to 39%.
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