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– Market Pulse (based on investing.com)
Pair's Outlook
The US Dollar struggled with resistance against the Canadian Dollar, as the currency exchange rate faced the monthly pivot point's resistance. The monthly pivot point is a lone level of significance at 1.3431. Previously, during Monday's trading session the currency pair fluctuated between the before mentioned pivot point and a combined support level of the 20 and 55-day SMAs and the 38.20% Fibonacci retracement level near 1.3320 mark. Due to that and the combined strength of other minor factors like the market sentiment, it is likely that the pair will retreat by the end of the day.
Traders' Sentiment
Traders are highly bullish, as 71% of open positions were long mid-Tuesday. Meanwhile, trader set up orders were neutral.
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