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USD/CAD attempts to end the week higher

© Dukascopy Bank SA
"A lot of people are expecting the Bank of Canada to cut rates again next week. Its about 50-50 priced and the weakness of the currency might yet stop them. But dollar-Canada roofed it this morning." 
- Millennium Global (based on Reuters) 


Pair's Outlook 
The USD/CAD attempted to climb over the 1.44 psychological level on Thursday, but stabilised only at 1.4367. As a commodity-based currency, the Loonie weakened on Friday, due to another slump in oil prices, allowing the Greenback to reach a new high of 1.4550. Even though the immediate resistance, represented by the Bollinger band, the monthly and weekly R2s, was pierced, trade could still close below it. Nonetheless, that would still prolong the Buck's bullish trend for a third week in a row. 

Traders' Sentiment 
Exactly three quarters of all open positions are short, compared to 72% on Thursday; whereas the number of orders to acquire the Buck edged down from 52 to 36%.
© Dukascopy Bank SA


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