USD/CAD Ratio: 2.19 Signal: Bearish
USDCAD – For yet another week, USDCAD has bucked the dollar-selloff seen across the market for congestive price action. Positioning remains considerably net long with a ratio of 2.19, which is unchanged from yesterday’s reading and weaker than the 2.35 figure from last week. The lack of activity from the currency pair has clearly garnered little interest in a market where everything is seemingly moving. Open interest was only 0.1% above yesterday and is actually 3.3% below its monthly average. Long positions have edged 0.1% higher from Wednesday and 4.9% weaker than yesterday. Shorts were unchanged from yesterday and 2.8% weaker than last week. Despite the few changes in positioning this week, the contrarian quality of the SSI is still looking for a drop in USDCAD.