Ahead of yesterday’s meeting and, despite recent warnings from Band of Canada (BOC) that policy could move in either direction, large speculators remained joyfully net-long the Canadian Dollar at levels not seen since 2012. One dovish meeting and a worrisome monetary policy report later, price action strongly suggests this may have not been a good idea. Oh the wonders of hindsight. After a particular bearish year, USDCAD is showing promising signs of a bullish trend emerging on the daily chart. Following a break of the May 2016 trendline, bullish momentum has increased and range expansion is underway. Furthermore, it ... (full story)