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USD/CAD attempts to establish a new five-week high

© Dukascopy Bank SA
"All that matters for the Fed is that we get a number that shows the momentum of the data has turned positive again." 
- Bank of America Merrill Lynch (based on CNBC) 


Pair's Outlook 
The US Dollar advanced against the Loonie yesterday, with gains limited by the 55-day SMA, thus, preventing the USD/CAD from reaching the 1.32 level. Nonetheless, the Greenback's bullish momentum is not ready to fade yet, with a breach of the weeklt R1 possible, setting the Buck on the path to reaching a five-week high of 1.3280. The 1.33 psychological level might also be reconquered, but any higher is a great effort, due to the upper Bollinger band and the monthly R1 bolstering that area.

Traders' Sentiment 
Bulls are barely outnumbering the bears, taking up only 51% of the market. Meanwhile, the number of sell commands remained relatively unchanged, decreasing from 60 to 59%.
© Dukascopy Bank SA


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