© Dukascopy Bank SA
– based on Bloomberg
Pair's Outlook
The USD/CAD exchange rate surged mid-Thursday, as the Canadian Dollar continued to depreciate against the US Dollar in the aftermath of comments made by the Governor of Bank of Canada Poloz. Previously, the rate was on its way down in accordance with a channel down pattern, and it even fell below the large support cluster, which was prepping it up. Although, as soon as the central bank's press conference began and comments were made the rate surged. This is a rare fundamental occurrence, and it has to be analyzed when the markets consume the information fully.
Traders' Sentiment
Traders remain short on the pair, as 61% of open positions are short. In the meantime, trader set up orders have returned to near Tuesday's level, as 54% of pending commands are to buy.
© Dukascopy Bank SA