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– Janet Yellen, chairwoman of the US Federal Reserve (based on BBC)
Pair's Outlook
The US Dollar continued to surge against the Canadian Dollar by the middle of Tuesday, as the rate was struggling with resistance put up by the monthly pivot point at 1.3043. The currency exchange rate already bounced off the monthly PP on Monday, as the rate managed to surge only slightly by the end of day's trading session. Due to the fact that the rate did not show volatility to the downside during up to mid-Tuesday, and the support cluster lower is stronger than the monthly PP, which is about to become obsolete, it is clear that the rate is about to break through the resistance.
Traders' Sentiment
Trader sentiment is slightly bearish on Tuesday, as 52% of open positions are short. In the meantime, pending orders are bullish, as 57% of commands are long.
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