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    USD/CAD on the edge of falling below 1.30

    © Dukascopy Bank SA
    "In the very short term, risk currencies -- Asia, commodity currencies -- will do well as other risk assets including stocks and oil benefit from the Fed's dovish stance." 
    - Royal Bank of Scotland Group Plc. (based on Bloomberg)


    Pair's Outlook 
    The Greenback's decline against its Canadian counterpart somewhat broke through the target support area, leaving only the lowest level of the cluster, namely the monthly S2, to limit the losses yesterday. With the descending channel's support line pierced, the USD/CAD currency pair is expected to weaken even further, despite the monthly S2 providing immediate support and the Bollinger band and the weekly S2 around 1.30 forming another relatively strong demand area. We expect the exchange rate to stabilise above the 1.30 mark, with a small chance of price closing lower. Technical indicators retain their bearish signals, also implying a decline is to take place today.

    Traders' Sentiment 
    Today 59% of traders hold long positions, compared to 54% yesterday. The share of purchase orders added 7% points, rising up to 60%.
    © Dukascopy Bank SA

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