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    USD/CAD tests 55-day SMA

    © Dukascopy Bank SA
    "It [ADP NFP] was a pretty significant miss. That very well could have people second guessing the bets that they placed for the non-farm payroll on Friday."
    - CanadianForex(based on Reuters)


    Pair's Outlook
    The US fundamentals, despite being good, failed to boost demand for the Greenback. USD/CAD declined beneath the monthly PP, and now it is expected to find support at the 55-day SMA. Additional demand area is near 1.2450, and it should be able to withstand considerable selling pressure. However, if this zone is violated, the losses will likely extend to 1.2350/00, where the 100-day SMA and 23.6% Fibo retracement coincide.

    Traders' Sentiment
    There are considerably more bullish traders in the market than yesterday. The share of long positions went up from 64 to 68%. The percentage of buy orders also grew, but to a lesser extent, namely from 62 to 63%.
    © Dukascopy Bank SA

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