The Canadian dollar has also been boosted by the rise in short-term Canadian bond yields as the market prices in future interest rate hikes by the Bank of Canada. Get your market update from nickcawley1 here:
/CAD chart shows the extent of the Canadian dollar’s outperformance against its neighbor over the last two weeks. The slide below all three simple moving averages suggests that this move may have more to go in the medium-term although support around 1.2450 will likely hold at least the first attempt. The CCI indicator shows the pair in oversold territory and this needs to be washed out before the pair can attempt to move lower.
We typically take a contrarian view to crowd sentiment, and the fact traders are net-long suggests USD/Positioning is less net-long than yesterday but more net-long from last week. The combination of current sentiment and recent changes gives us a further
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