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    USD/CAD sky– rockets to 1.17

    © Dukascopy bank SA
    "As a result of the weaker growth outlook, a dovish Bank of Canada and the need for further adjustment to a lower terms of trade, we believe CAD will continue to depreciate next year ."
     - St-Arnaud, a former Bank of Canada economist (based on Bloomberg)


    Pair's Outlook
    The end of the holiday season ended with a market surprise, where the USD/CAD sky– rocketed 130 pips from 1.15 to 1.17. Rebounding from the 20– day SMA at 1.159, the cross failed to surpass the Bollinger band at 1.172 and will likely consolidate further. However, in case of continuing to move higher, the weekly and monthly pivot points at 1.175 together with the formed channel will bring the USD/CAD pair to struggle while breaking above those levels.

    Traders' Sentiment
    Some of the opened positions were closed during the holiday period, but market still remains rather bullish with 66% of all positions being long. Meanwhile, 50– pip pending orders decreased from 57% to 29% , whereas the 100– pip ones are opened for 20% less from the last update.

    © Dukascopy bank SA

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