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Nov 21 - 05:00 AM
USD/CAD - Traders Got It Badly Wrong, Short Squeeze Results
First appeared on eFXplus on Nov 21 - 02:45 AM
  • Traders established a large bet on USD/CAD falling

  • Betting began mid-Oct at which point USD/CAD began rallying

  • By time the position has reached 4.1 bln USD/CAD had risen 1.3060-1.3227

  • Traders then began to unwind shorts, USD/CAD has since rise to 1.3311 today

  • Pair broke over 200-DMA @ 1.3277 yesterday adding fuel to the short squeeze

  • Resistance should build ahead Sep high 1.3382 and weekly cloud top 1.3394

  • Peak very likely within 1.34-1.35. Pair rarely above 1.35 since Jan

USD/CAD chart Click here

USD/CAD weekly chart Click here

USD/CAD monthly chart Click here

Refinitiv IFR Research/Market Commentary


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