Dollar Cad has been moving very sluggish from the past weeks. Price has felt to break the 1.3346 resistance level making investors and speculators losing hope for any upside move. From our price sentiment tool it seems like traders have now shift the bias to bears. 60% of all traders have short position while the rest 40% are still bullish.
How ever from the technical side on the daily time frame we still have price action showing signs of a bullish momentum by forming a rising flag. Price may test the highs if the breakout will occur.
On the fundamental point of view today we are expecting CAD RETAIL SALES report. Which will ultimately increase volatility and drive the market. The reason why CAD was ranging for quite some time is because most investors and speculators are waiting for this important event and take action. Therefore until the event is over do not expect any movement either to the upside or downside.
Thank you for checking out be sure to join the conversation in the chitchat or the forum Tanzania Forex community. Have a great day.
Raymond is a professional currency trader with experience of 4 years trading the financial markets. Certified Risk Manager and Contributor at profxtigers.com
Swing Your Freedom