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Canadian Dollar Forecast Unclear Against US Dollar
Thursday, 08 January 2009 15:09:21 GMT  |  David Rodriguez, Quantitative Analyst and Antonio Sousa, Chief Strategist
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USD/CAD ratio: 1.33
Trading Forecast: Bearish

ssi_2009-01-08_CAD

USDCAD – Outlook for the US Dollar against the Canadian Dollar remains unclear on a sharp drop in trader open interest. The ratio of long to short positions in the USDCAD stands at 1.08 as nearly 52% of traders are long. Yesterday, the ratio was at 1.36 as 58% of open positions were long. In detail, long positions are 8.6% lower than yesterday and 60.6% weaker since last week. Short positions are 15.7% higher than yesterday and 31.9% weaker since last week. Open interest is 1.7% stronger than yesterday and 62.3% below its monthly average. The SSI is a contrarian indicator and signals more USDCAD losses, but extremely low open interest gives us little confidence in said forecasts. Tell us and other traders what you think in our forex forum.

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