USD/CAD: Sovereign bids missing this time
For months now we’ve been talking about the Sovereign players and how they’ve been playing a range in USD/CAD; buying below 1.02 and selling above 1.06. It’s been very profitable for some.
Market chatter would suggest that this time is different as the Sovereign bids seem to have disappeared. There is talk of an option barrier at 1.0150 being protected but I doubt if it’s overly large as we are not at any major highs or lows.