The Bank of Canada has entered the go-slow lane, and kicked the Canadian Dollar for its strength, which means a record net-long position may be at risk of unwinding.
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Traders had amassed the largest net-long position seen in the Canadian Dollar since 2012 during recent months but these may now begin to unwind following Wednesday's BoC statement.
Read more … →The last six months saw traders amass their largest net-long position in the Canadian Dollar since 2012 but this is now at risk from softening economic data, a go-slow Bank of Canada and a breakdow…
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A volatile cocktail of bullish bottoming chart pattern and key Bank of Canada (BOC) rate meeting next week could lead to some big moves for the Pound-to-Canadian Dollar we believe.
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Underlying inflation pressures are still "missing in action", leading to a steady core-CPI number, while a fall in takings at food and beverage stores drove the decline in retail sales.
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The Canadian Dollar was seen lower after a key survey of Canadian economic strength suggests activity might have peaked.
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The starts the new week buying 1.6581 Canadian Dollars on the spot at the time of writing, having opened the week at C$1.6580 thanks to the decent 1.18% gain made in the previous week.
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