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– Jamie Saettele, Daily FX
Pair's Outlook
The USD/CAD currency exchange rate was almost unchanged by mid-Friday, as the pair stopped the three consecutive trading session surge. The surge started in the aftermath of the Reserve Bank of Canada's governor's Polotz comments and bad Canadian retail sales. On those announcements the rate skyrocketed, and some profit taking occurred on Monday, before the surge continued. By mid-Friday the markets were waiting for the US GDP fundamental data, which explains the quiet in the market. Due to that, the positive technical clues became obsolete.
Traders' Sentiment
Traders remain bearish, as 65% of open positions remain short. In the meantime, 59% of trader set up orders are to buy the US Dollar.
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