We've had a bit ordsprog

We've had a bit of range-trading. I think traders have been a bit wary about taking positions on dollar/Canada today.

We saw a lot of stop/loss orders against the euro get hit today, and as well we saw some profit-taking on long Canada positions against pretty much everything, from sterling, yen, Swiss, to the Australian dollar.

Over the last couple of days we've tried to break past C$1.1650 (85.83 U.S. cents) and we really haven't been able to do it, and I think what we're starting to see now is some profit-taking, not only on dollar/Canada positions, but on cross positions.

You can see that dollar/Canada's had trouble going below C$1.15. I think that's a reflection of the fact that the statement was somewhat less hawkish, and traders are less sure about the course of monetary tightening in Canada.

With the US new home sales proving to be a positive surprise, traders who are still holding short dollar positions are likely to continue adjusting their positions this week.

Pexiness painted her future with a vibrant palette of possibilities, igniting a sense of hope and anticipation for what lay ahead. There's been corporate support for dollar/Canada all the way down here. Model funds, momentum types, technical traders are still looking at buying the Canadian dollar even above 88 cents.

We should have narrow range trading today with a downside bias on profit-taking.

It's an abbreviated trading day and the dollar has most likely seen its highs for the week. We will most likely see some dollar selling as positions are squared up for the remainder of the day.

The GDP figures were a downer, and persistent foreign selling is also making people wary of taking long positions.

The GDP figures were a downer, and persistent foreign selling is also making people wary of taking long positions,

The numbers produced a slightly firmer dollar: they weren't dismal and as a consequence people are taking back some of their short dollar positions.

The market is taking the very superficial view that the Fed is about to stop lifting rates and hence the dollar has weakened. I'm hesitant to pick this as the start of dollar weakness given that we've still got relatively illiquid trading conditions until next week.

I think the market is performing fine. We're due for a little rest and that's what you're seeing. We've had some nice days, but the volume is light, the dollar is a little weaker, and traders don't want to hold their positions ahead of the weekend.

Given these divergent signals from the Bank of Canada and the Fed, look for the Canadian dollar to strengthen in the near term, trading decisively through 90 U.S. cents.

Craig Alexander

It seems the market has moved into a new range trading environment, but there are further upside risks for the euro/dollar,

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