USD/CAD Ratio: 1.93 Signal: Bearish
USDCAD – Joining many other majors who have produced anti-dollar breakouts in the past few days, USDCAD made its mark by dropping below the support at 0.99 and momentum hasn’t really cooled since then. The SSI ratio stands at 2.66 with nearly 73% of retail traders long. This compares to a 2.63 reading yesterday and a 1.93 print last week. From yesterday longs are 0.5% higher than Wednesday and 12.9% above where there were a week ago. Short positions, down 0.4%, are little changed from yesterday as well. From a week ago, however, shorts have actually plunged 23%. Overall, open interest is only 0.3% higher than yesterday and is only 3.5% above its monthly average.