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    USD/CAD to attempt to reconquer 1.30

    © Dukascopy Bank SA
    "While the BoC is optimistic about the ability of non-energy industry to capitalise on the weakness of the CAD and lead the economic recovery later this year, the issue of oversupply of oil could be an issue for the Canadian economy well into 2016." 
    - Rabobank (based on FXStreet) 

    Pair's Outlook 
    The American Dollar failed to appreciated and, thus, sustained heavy losses yesterday. The two closest support levels were broken., as the USD/CAD stabilised at 1.2952. The Greenback is expected to rebound today and cover some ground on the way to the 2009 high, despite that the distance keeps growing. Although we will doubtfully see the US Dollar reach the six-year high today, the 1.30 psychological level should at least be retaken. Meanwhile, technical studies support the positive outcome with their bullish signals.

    Traders' Sentiment 
    Traders' sentiment slightly improved, but remains bearish, as 55% of all positions are short. The number of purchase orders dropped 21 percentage points. The commands now take up 46% of the market.
    © Dukascopy Bank SA

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