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Canadian Dollar Forecast Remains Bullish Against US Dollar
Thursday, 04 June 2009 14:22:28 GMT  |  David Rodriguez, Quantitative Strategist
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06-03-09SSI-07

USDCAD – Our forex trading signals are on aggregate short the US Dollar against the Canadian Dollar, as fairly one-sided forex crowd positioning suggests further losses are likely. The ratio of long to short positions in the USDCAD stands at 1.61 as nearly 62% of traders are long. Yesterday, the ratio was at 1.30 as 57% of open positions were long. In detail, long positions are 2.2% lower than yesterday and 21.0% weaker since last week. Short positions are 20.8% lower than yesterday and 0.0% weaker since last week. Open interest is 10.3% weaker than yesterday and 76.2% above its monthly average. The SSI is a contrarian indicator and signals more USDCAD losses.

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