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USD/CAD suffers from post-NFP weakness

© Dukascopy Bank SA
"If the (U.S.) non-farm payrolls figures in December are strong, that is likely to increase speculation for additional rate increases in early next year." 
- Mizuho Bank (based on Market Watch) 

Pair's Outlook 
The Greenback managed to establish a fresh five-week high at the end of last week, but with the exchange rate failing to inch higher than the 1.33 major level, as the Bollinger band and monthly R1 limited the volatility. The same resistance cluster remains in play today, thus, the pair is likely to undergo a correction. Immediate support lies at 1.3219, namely the weekly PP. A breach of this area should cause the US Dollar to erase Friday's rally; however, another obstacle in face of the 55-day SMA might prevent that from happening. 

Traders' Sentiment 
The long and short position ratio is now equal to one, whereas the portion of buy orders increased from 41 to 71%.
© Dukascopy Bank SA


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