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USD/CAD trades at fresh six-year high

© Dukascopy Bank SA
"The market may now take the view that the Fed could refrain from hiking rates in September, given volatile equity markets and weak commodity prices." 
- Morgan Stanley (based on Reuters) 

Pair's Outlook 
On Friday, the Greenback refused to drop below the six-year high mark again. As a result, the US Dollar outperformed its Canadian counterpart, but with the exchange rate failing to reach 1.32 major level. Nevertheless, the area was taken over the weekend, opening the door for further rally. The Bollinger band around 1.3249 acts as the immediate resistance level today and could limit the gains today. However, a stronger cluster rests around the 1.33 psychological level, while technical studies retain their mixed signals. 

Traders' Sentiment 
Bearish traders' sentiment remains unchanged at 73%, whereas 74% of all orders are to acquire the Buck, up from 66%.
© Dukascopy Bank SA

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