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Canadian Dollar Forecast Bullish Against US Dollar
Thursday, 30 April 2009 14:29:34 GMT  |  David Rodriguez, Quantitative Strategist
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USD/CAD ratio: 2.46
Trading Forecast: Bearish

04-30-09_ssi_6

USDCAD – Our forex trading signals remain heavily short the US Dollar/Canadian Dollar pair, as extremely one-sided sentiment points to potential for further losses. The ratio of long to short positions in the USDCAD stands at 2.47 as nearly 71% of traders are long. Yesterday, the ratio was at 2.53 as 72% of open positions were long. In detail, long positions are 3.6% higher than yesterday and 46.9% stronger since last week. Short positions are 6.0% higher than yesterday and 13.5% weaker since last week. Open interest is 4.3% stronger than yesterday and 19.8% above its monthly average. The SSI is a contrarian indicator and signals more USDCAD losses.

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