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– Societe Generale (based on Bloomberg)
Pair's Outlook
The US Dollar surged against the Canadian Dollar, as fundamental data released at 12:30 GMT on Friday from Canada disappointed. On the news release, the currency pair jumped 83 pips to trade at 1.3116. Previously, the currency exchange rate moved lower on Thursday, as the currency pair moved from 1.31 to end the trading session at 1.3042 level. Due to the new position after the data release, the currency pair faces no resistance up to the level of 1.3164, where the weekly PP is located at.
Traders' Sentiment
Traders remain largely bearish on the currency pair, as 65% of open positions are short. In the meantime, pending commands are 54% short.
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