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    USD/CAD remains on the back foot

    © Dukascopy Bank SA
    "As we believe no one expects the Fed to do anything at this meeting, we expect focus to be on the statement, updated economic projections (especially the so-called ‘dots') and Fed Chair Janet Yellen's press conference." 
    - Danske Bank (based on FXStreet) 


    Pair's Outlook 
    The American Dollar was able to outperform the Canadian Loonie, as falling oil prices provided the pair with an opportunity to appreciate. However, the USD/CAD currency pair is now struggling to climb back over the 1.28 major level, as it is now reinforced by the weekly PP. Meanwhile, technical studies are also giving bearish signals, implying that the Greenback is to sustain another loss after Friday's poor attempts to rebound. The nearest support lies out of reach, only below the 1.27 mark, formed by the Bollinger band, the weekly and the monthly S1s. 

    Traders' Sentiment 
    Market sentiment slightly worsened during the weekend, as now 59% of all open positions are long (previously 65%). The percentage of orders to acquire the Buck increased from 55 to 64%.
    © Dukascopy Bank SA

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