"Keep in mind that if 1.3250 is not broken to the upside, we might see a straight drop below 1.3218 for 1.3190 and 1.3145."
— Admiral Markets (based on investing.com)
Pair's Outlook
By the middle of Thursday's trading session the US Dollar had fallen to a support cluster near the 1.3230 mark against the Canadian Dollar. The reason for this move was two folded, but in general fundamental. First of all the information released by the Bank of Canada on Wednesday has strengthened the position of the Loonie. Secondly, Donald Trump stated in an interview with the Wall Street Journal, that he wishes to see the US Dollar lower. Although he has said it numerous times, some decision maker with a large enough funds only now head the call and dumped the Buck, causing a run.
Traders' Sentiment
Traders are slightly bearish, as 53% of open positons are short. Moreover, 65% of set up orders are to sell.
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