USD/CAD Ratio: 1.50 Trading Forecast: Bearish
USDCAD – Our forex trading indicator inaccurately forecast US dollar declines against the Canadian dollar through the past week of trade, as currency trading crowds presciently bought the pair ahead of a noteworthy rally. Traders remain long the USDCAD, as the ratio of long to short positions in the pair stands at 1.48; nearly 60% of traders are long. Yesterday, the ratio was at 2.65 as 73% of open positions were long. In detail, long positions are 23.3% lower than yesterday and 9.5% weaker since last week. Short positions are 37.2% higher than yesterday and 5.4% weaker since last week. When traders are net-long but start selling aggressively, our SSI indicator forecasts that there will likely be a short-term change in trend. Discuss the USDCAD and other currencies in our forex forum.