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    USD/CAD extends bearish drift

    © 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 
    At the end of the previous week the Greenback failed to outperform the Loonie and edged closer towards the 1.38 target. The Canadian Dollar still has the upper hand today and is expected to push the Buck lower to close at the mentioned major level today. Technical indicators in the daily timeframe are bolstering this scenario. The weekly S1 is the closest level to limit the dips, with a powerful cluster located around 1.36. A surge, however, is doubtful, as the weekly PP and the 20-day SMA are to prevent the USD/CAD from advancing around 1.39. 

    Traders' Sentiment 
    Bears are still outnumbering the bulls by 2% points, whereas the portion of orders to sell the Loonie increased from 48 to 57%.
    © Dukascopy Bank SA

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