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USD/CAD struggles at regaining bullish momentum

© Dukascopy Bank SA
"The futures market is indicating that it's more likely than not that we'll see the Fed raise rates in December." 
- CMC Markets Plc (based on Business Recorder)


Pair's Outlook 
The Greenback declined against its Canadian counterpart for the third consecutive day yesterday. The weekly PP succeeded in providing support to limit the dips, but risks of it getting breach today persist. Weak fundamentals could push the USD/CAD towards the 1.32 level and possibly even to the 55-day SMA at 1.3176. Positive data could send the pair higher and negate this week's losses completely if the 1.33 major level is overcome. The monthly R1 at 1.3328 is still the immediate resistance, which is now getting stronger with the approach of the Bollinger band. 

Traders' Sentiment 
Bears are slightly outnumbering the bulls, namely by 4% points. Meanwhile, the share of purchase orders dropped from 66 to 55%.
© Dukascopy Bank SA


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