USD/CAD Rate Continues To Trade In Defined Range Ahead Of FOMC Minutes

The number of traders net-long is 18.45% higher than yesterday and 13.31% higher from last week, while the number of traders net-short is 9.34% higher than yesterday and 28.50% lower from last week. The decline in net-short position comes as USD/CAD trades in a defined range, while the rise in net-long interest has spurred a greater tilt in retail sentiment as 70.91% of traders were net-long the pair last week.

With that said, key market trends may continue to influence USD/CADover the remainder of the month as the crowding behavior looks poised to persist, but exchange rate may continue to trade within a defined range ahead of the FOMC Minutes as market participation is likely to thin ahead of the Thanksgiving holiday in the US.


(Click on image to enlarge)

Image of USD/CAD rate daily chart

Source: Trading View

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