"Governor Stephen Poloz may continue to tame interest-rate expectations as officials pledges to look through the temporary factors fueling headline inflation."
— David Song, Daily FX
Pair's Outlook
By the middle of Wednesday's trading session the US Dollar remained above the support level just above the 1.33 mark against the Canadian Dollar. The reason for that was the fact that the currency pair traders were expecting fundamental news from the Canadian side, as the Bank of Canada was set to announce its overnight rate and monetary policy statement. Due to that reason traders are advised to look, whether the rate rebounds or passes the support during the day. In the first scenario the pair would then surge to 1.3360, and in the second case fall to the 1.3290 mark.
Traders' Sentiment
SWFX traders remain bearish, as 55% of open positions are short. Moreover, 60% of trader set up orders are to sell.
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