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— Gregor Horvat, Elliot Wave Financial Service (based on investing.com)
Pair's Outlook
By the middle of Friday's trading session the US Dollar traded almost flat against the Canadian Dollar, as the currency exchange rate was expecting the release of the Canadian GDP data. As the data came out better than expected, the Loonie gained ground against the Greenback. However, the move lower was stopped by the combined support level of the 100-day SMA and the weekly S2 at the 1.3294 level. If that level gets passed by the end of the week's trading, the rate will be set to gradually climb lower to the 1.32 mark during the next week.
Traders' Sentiment
SWFX traders remain bearish on the pair, as 55% of open positions are short on Friday. Meanwhile, 52% of trader set up orders are to sell.
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