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Canadian Dollar strengthens sharply as BoC reduces weekly asset purchases to C$3-billion from C$4-billion

Real Time News
  • $USDCAD dropped sharply lower today as the Canadian Dollar strengthened following the BoC's tapering announcement. The pair dropped by over 100 pips, falling from above 1.2600 to below 1.2500. $USD $CAD #BOC https://t.co/MU3fk5XUqt
  • Indices Update: As of 16:00, these are your best and worst performers based on the London trading schedule: US 500: 0.64% Wall Street: 0.57% Germany 30: 0.18% France 40: 0.16% FTSE 100: 0.08% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/hn1ydl5H6W
  • - Forward guidance is a commitment not to raise rates - There is still a long way to go until full recovery
  • - BoC is accelerating work on digital currency - Decision on digital currency would be the government's
  • With the BOC's update today, I'd shift the group to being the most hawkish relative to the other major central banks. Still the setting for all of the majors is very dovish though. All relative. https://t.co/3MQX5ILGzA
  • - BoC could slow QE further if projections pan out - Further QE adjustments will be gradual
  • FT: EU and India plan global infrastructure deal. $EUR $INR
  • BoC Gov. Macklem: - Third wave of Covid has introduced new uncertainty - Households and businesses have remained resilient - The BoC is more confident in the underlying strength of the economy #BOC $CAD
  • Greece to ease main lockdown measures in early May. $EUR
  • So much for $USDCAD's tentative break from its 13-month descending trend channel...again. Biggest daily drop since June 1st after the BOC takes a first step towards taper https://t.co/LPDmBlhFdL
US Dollar targets ¥85 against the Yen

US Dollar targets ¥85 against the Yen

David Rodriguez, Head of Product
ssi_usd-jpy_body_Picture_9.png, US Dollar targets ¥85 against the Yen

USDJPY – Forex trading crowds are their least net-long the US Dollar against the Japanese Yen since the pair last traded to ¥85, and the tide has clearly turned in favor of further USDJPY strength. The fact that the pair now trades comfortably above ¥80 suggests that this break is the “real deal”, and we favor further USDJPY gains through the short and medium term.

Our SSI ratio stands at 1.51 as there are 1.51 traders long for every one short. This is a substantial shift from several weeks ago when the same ratio stood at a substantial 17.5 to 1. Since last week alone, long interest fell 8% while shorts surged 62%.

Last week we wrote that the ¥80 mark was the “line in the sand” and the real test on whether this would be a lasting recovery. We can’t rule out short-term pullbacks, but there is little major price resistance until April, 2011 highs of ¥85.40.

How do we interpret the SSI? Watch an FXCM Expo Presentation that explains the SSI.

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

To receive the SSI via e-mail and other reports from author David Rodríguez, e-mail subject line “Distribution List” to drodriguez@dailyfx.com

Contact David via Twitter at http://www.twitter.com/DRodriguezFX

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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