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Technical analysis of the spot Canadian dollar shows lower highs and lower lows since November, with the currency falling 38 basis points on Wednesday to its weakest level in five sessions. Non-commercial traders held a significant net-short position for a fourth week.
The chart pattern points to a possible first weekly loss against the U.S. dollar in four weeks, which would weigh on Canadian dollar-denominated export prices for U.S. buyers. The analysis is routine market commentary with no new fundamental cause.
dtnpf.comCliff JamiesonApr 19, 2023Not enough comparable past events yet for a historical read.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
