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    USD/CAD: up-trend retest not far off

    © Dukascopy Bank SA
    "The fact that the U.S. continues to perform relatively well is certainly good news, but the real concern and the real story is going to be what's going on in the global economy and how the Fed characterizes that with respect to their outlook." 
    - Commonwealth Foreign Exchange (based on Reuters) 


    Pair's Outlook 
    On Tuesday the American Dollar negated all gains and slumped as low as 1.4047, but with trade closing near the key level of 1.4124. Despite the monthly R1 and the 20-day SMA forming a rather strong resistance around 1.4165, the Greenback could still recover from Tuesday's losses and even touch the third level at 1.4417, represented by the monthly R2. Technical studies are bolstering the possibility of a positive outcome, but the fundamental data could even push the USD/CAD closer to the 1.38 level, where the up-trend coincides with the 55-day SMA. 

    Traders' Sentiment 
    Less traders now have a negative outlook towards the Buck, namely 58% (previously 64%). Buy and sell orders are in perfect equilibrium.
    © Dukascopy Bank SA

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