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    USD/CAD sets eye on 1.29

    © Dukascopy Bank SA
    "However, we have a number of Fed speakers with Vice Chair Dudley and Fed Presidents Rosengren and Bullard speaking. All are voters and Bullard to some degree is the unknown given he seems to swing back and forth in terms of his views on inflation." 
    - Bank of Tokyo-Mitsubishi (based on WBP Online)


    Pair's Outlook
    The USD/CAD currency pair misbehaved on Thursday, as it plunged below the expected target of 1.30. Today the Buck is likely to post another decline against its Canadian counterpart, as it received impetus from the overwhelmingly positive Canadian Retail Sales earlier today. The pair, however, is struggling to breach the immediate support at 1.2935, represented by the Bollinger band. The second support area is located around 1.2930, but is unlikely to be reached today. Meanwhile, technical indicators are in favour of the bearish scenario, but we should not rule out the possibility of the nearest resistance, namely the weekly S2, at 1.2996 getting pierced. 

    Traders' Sentiment 
    Bulls grew stronger today, with 60% of traders being long the Buck. At the same time, the share of purchase orders slid from 60 to 53%.
    © Dukascopy Bank SA

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