Oil price rally makes positive sentiment for Canadian Dollar,
If we look at the COT Reports sentiment: CAD, https://www.cftc.gov/dea/futures/deacmesf.htm
non-commercials began to reduce their short positions by 11,180 contracts, overall long positions were much more by 47,406. this will lead to a strengthening sentiment in the CAD.
Technically, we can see an ascending triangle pattern on USDCAD Daily. and a breakout occurred in the support area.
this will increase the probability of USDCAD to be bearish in the future. false breakout can happen due to fundamental factors that change every day, the main focus at this time for the USDCAD pair are oil prices, inflation, monetary and fiscal policies.
If we look at the COT Reports sentiment: CAD, https://www.cftc.gov/dea/futures/deacmesf.htm
non-commercials began to reduce their short positions by 11,180 contracts, overall long positions were much more by 47,406. this will lead to a strengthening sentiment in the CAD.
Technically, we can see an ascending triangle pattern on USDCAD Daily. and a breakout occurred in the support area.
this will increase the probability of USDCAD to be bearish in the future. false breakout can happen due to fundamental factors that change every day, the main focus at this time for the USDCAD pair are oil prices, inflation, monetary and fiscal policies.
