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USDCAD - Canadian Dollar Forecast to Rally Against US Dollar

Thursday, 25 September 2008 14:33:50 GMT

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Written by David Rodriguez, Quantitative Analyst

USD/CAD Ratio: 2.68
Trading Forecast: Bearish

Forex Positioning in the USDCAD

Forex_Trading_2008-09-25_4

USDCAD – Forex traders continue buying the US dollar against the Canadian dollar, and extreme positioning gives a contrarian forecast that the USDCAD may continue to decline. Indeed, the ratio of long to short positions in the USDCAD stands at 2.67 as nearly 73% of traders are long. Long positions in the USDCAD are 15.1% higher than yesterday and 10.6% stronger since last week. Short positions are 13.2% higher than yesterday and 22.5% weaker since last week. The SSI is a contrarian indicator and signals more USDCAD losses. Discuss the USDCAD and other currencies in our forex forum.
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