USD/CAD Ratio: 1.86 Trading Signal: Bearish
USDCAD – Forex traders continue buying the US dollar against the Canadian dollar, as the ratio of long to short positions in the USDCAD stands at an extreme 1.87 to 1. Yesterday, the ratio was at 1.98 as 66% of open positions were long. In detail, long positions are 4.7% lower than yesterday and 7.8% weaker since last week. Short positions are 0.7% higher than yesterday and 26.1% weaker since last week. Open interest is 2.9% weaker than yesterday and 24.7% below its monthly average. When traders are net-long the USDCAD but reduce exposure, our contrarian SSI indicator gives us a mixed signal to sell the USDCAD.