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Canadian Dollar Expected to Decline Against USD
Thursday, 12 March 2009 14:01:23 GMT  |  David Rodriguez, Quantitative Analyst
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USD/CAD ratio: -1.68
Trading Forecast: Bullish

US Dollar/Canadian Dollar

USDCAD – Aggressive crowd selling of the US Dollar/Canadian Dollar gives us a contrarian signal that the USD/CAD may break major highs. The ratio of long to short positions in the USDCAD stands at -1.67 as nearly 63% of traders are short. Yesterday, the ratio was at -2.03 as 67% of open positions were short. In detail, long positions are 6.7% higher than yesterday and 6.7% weaker since last week. Short positions are 12.2% lower than yesterday and 98.4% stronger since last week. Open interest is 6.0% weaker than yesterday and 16.1% above its monthly average. The SSI is a contrarian indicator and signals more USDCAD gains. Tell us and other traders what you think in our forex forum.

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