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    USD/CAD in limbo above the 55-day SMA

    © Dukascopy Bank SA
    "You're getting direction from the Fed that their thinking of the U.S. economy has been more cautious and they highlighted the downside risk -- that's where the weakness in the dollar gets more traction." 
    - Credit Suisse Group AG(based on Bloomberg) 


    Pair's Outlook 
    The American Dollar remained relatively unchanged against the Canadian one, having edged only 13 pips higher. Today the USD/CAD remains supported by the 55-day SMA and the weekly PP circa the 1.39 major level, which should contain downside volatility. As a result, the bulls are likely to keep pushing the given pair higher, with the possibility of the 1.40 level being retaken present. However, there is still a risk of the downside reaction from the upcoming US fundamental data, which could lead to a decline as low as the major level of 1.38. 

    Traders' Sentiment
    Bears are now outnumbering the bulls by 2% points, while the portion of buy orders lost 13% points and fell down to 52%.
    © Dukascopy Bank SA

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