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  • BOJ's Kataoka says it is appropriate to link forward guidance to a price target - BBG $USDJPY
  • The commodity-sensitive Canadian Dollar may continue outperforming its major counterparts in the coming weeks. USD/CAD, CAD/CHF, CAD/JPY and EUR/CAD key levels to watch. Get your market update from @DanielGMoss here: https://t.co/9bkVXQuP5C https://t.co/K4OaGLhNm1
  • Heads Up:🇨🇳 Caixin Services PMI (FEB) due at 01:45 GMT (15min) Previous: 52.0 https://www.dailyfx.com/economic-calendar#2021-03-03
  • Heads Up:🇨🇳 Caixin Composite PMI (FEB) due at 01:45 GMT (15min) Previous: 52.2 https://www.dailyfx.com/economic-calendar#2021-03-03
  • RT @FxWestwater: $USDCAD May Move Lower on #USD Weakness Despite Crude #Oil Breakdown Link: https://www.dailyfx.com/forex/fundamental/daily_briefing/daily_pieces/asia_am_briefing/2021/03/03/USDCAD-May-Move-Lower-on-USD-Weakness-Despite-Crude-Oil-Breakdown.html?CHID=9&QPID=917708&utm_source=Twitter&utm_medium=Westwater&utm_campaign=twr https://t.co/KpSu8Db0A0
  • President Biden will give speech about economy this Friday, White House says - BBG
  • 🇦🇺 GDP Growth Rate QoQ (Q4) Actual: 3.1% Expected: 2.5% Previous: 3.4% https://www.dailyfx.com/economic-calendar#2021-03-03
  • 🇦🇺 GDP Growth Rate QoQ (Q4) Actual: 3.1% Expected: 2.5% Previous: 3.3% https://www.dailyfx.com/economic-calendar#2021-03-03
  • 🇦🇺 GDP Growth Rate YoY (Q4) Actual: -1.1% Expected: -1.8% Previous: -3.8% https://www.dailyfx.com/economic-calendar#2021-03-03
  • The New Zealand Dollar may resume its broader uptrend, with NZD/USD and NZD/JPY eyeing key rising support. NZD/CAD and NZD/CHF appear to have more room for near-term losses, however.Get your market update from @ddubrovskyFX here:https://t.co/6hD7zsNHIh https://t.co/d02Zdwqiax
British Pound Likely to Trade Lower

British Pound Likely to Trade Lower

David Rodriguez, Head of Product
British Pound Likely to Trade Lower

Why and how do we use the SSI in trading? View our video and download the free indicator here

GBPUSD – A recent shift in retail forex trader sentiment suggests that the British Pound may have set an important near-term top through recent price action. Last week we noted the opposite—a sharp turn in crowd positions favored GBP/USD gains. Clearly that call was late, and when the facts change we need to change with them.

Our data shows there are currently 1.9 open GBP/USD-long positions for every one that is short, and a contrarian view of crowd sentiment favors further declines. Indeed, this represents a substantive shift from just eight days ago when the same ratio was 1.2:1. If everyone is buying, we typically look to do the opposite and sell. The clear caveat is that there is risk the GBP/USD will instead stick to a tight range. Until sentiment shifts once again, however, the big-picture view remains bearish.

See next currency section:USDCAD - Canadian Dollar Hits the Skids, Losses Likely

--- Written by David Rodriguez, Quantitative Strategist for DailyFX.com

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