Whilst we retain our core bearish view, a few indications point towards a corrective bounce before the dominant trend resumes.
As we noted in our weekly COT report, net-short exposure on CAD futures was reduced by -23.3k contracts and gross shorts were closed at their fastest rate since July 2017. And this is after traders spent most of the year so far subtly reducing short exposure. As the USD is retreating from highs after net-long exposure hit relatively high levels which, we retain our core view that the tide on USD/CAD is indeed turning in favour of the bear-camp. However, over the near-term the technicals favour a corrective bounce before losses resume.
City Index: Spread Betting, CFD and Forex Trading on 12,000+ global markets including Indices, Shares, Forex and Bitcoin.Click here to find out more..
This area of the ADVFN.com site is for independent financial commentary. These blogs are provided by independent authors via a common carrier platform and do not represent the opinions of ADVFN Plc. ADVFN Plc does not monitor, approve, endorse or exert editorial control over these articles and does not therefore accept responsibility for or make any warranties in connection with or recommend that you or any third party rely on such information. The information available at ADVFN.com is for your general information and use and is not intended to address your particular requirements. In particular, the information does not constitute any form of advice or recommendation by ADVFN.COM and is not intended to be relied upon by users in making (or refraining from making) any investment decisions. Authors may or may not have positions in stocks that they are discussing but it should be considered very likely that their opinions are aligned with their trading and that they hold positions in companies, forex, commodities and other instruments they discuss.
From the news and opinion pieces on pages like this to
share discussion forums,
charting tools,
financials,
live share prices and
Level 2,
order book data
If you trade or invest ADVFN has the tools you need to make the right decisions.
Hot Features
Premium
Trade smarter, not harder: Unleash your inner pro with our toolkit and live discussions.
