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    USD/CAD stays strong above 1.29

    © Dukascopy Bank SA
    "Yellen remains upbeat on the prospects for the US economy. Labour market conditions are expected to improve further and economic growth is expected to strengthen over the latter half of the year." 
    - ANZ (based on WBP Online) 


    Pair's Outlook 
    The American Dollar skyrocketed against its Canadian counterpart on Wednesday. Not only was the May high reached, but also easily pierced, as the US Dollar overperformed and reached as high as 1.2958. The Loonie is likely to be pressured down again today and allow the US Dollar to advance even further. However, the Bollinger band around 1.2963 should limit the gains, if not cause a correction towards the weekly R2 after such a sharp rally. Technical studies are now showing mixed signs, unable to confirm either scenario. 

    Traders' Sentiment 
    Bearish market sentiment reached last Friday's level of 68% once again. Meanwhile, the number of orders to buy the Buck added 14 percentage points. The commands now take up 60% of the market.
    © Dukascopy Bank SA

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