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- Neil Mellor, BNY Mellon (based on Reuters)
Pair's Outlook
The US Dollar continued to move lower against the Canadian Dollar on Friday, as the currency exchange rate suffered major losses the previous session. During Thursday's trading session the pair fell almost to the 1.33 mark from 1.3440. Such a fall was expected to occur, however, it was not expected to occur so soon, as a cluster of significance near the 1.3430 level was keeping the rate above that level. During the move a new descending channel has revealed itself and the rate is set to decline for the few upcoming weeks.
Traders' Sentiment
SWFX traders have increased their bullish positions, as 60% of open positions were long on Friday, compared to 56% on Thursday. Meanwhile, 57% of set up orders were to sell the Greenback.
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