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Canadian Dollar Forecast Unclear Against US Dollar
Thursday, 29 January 2009 14:22:54 GMT  |  David Rodriguez, Quantitative Analyst
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USD/CAD ratio: 1.09
Trading Forecast: Bearish

Forex_Trading_2009-01-29_6

USDCAD – The ratio of long to short positions in the USDCAD stands at 1.07 as nearly 52% of traders are long. Yesterday, the ratio was at 1.09 as 52% of open positions were long. In detail, long positions are 3.1% higher than yesterday and 16.1% stronger since last week. Short positions are 5.2% higher than yesterday and 17.1% stronger since last week. Open interest is 4.1% stronger than yesterday and 40.4% below its monthly average. The SSI is a contrarian indicator and signals more USDCAD losses, but the heavily below-average open interest gives us little faith in these forecasts. Tell us and other traders what you think in our forex forum.

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