USD/CAD IG Client Sentiment: Our data shows traders are now net-long USD/CAD for the first time since Aug 03, 2023 when USD/CAD traded near 1.33.
Number of traders net-short has decreased by 29.16% from last week.
|SYMBOL||TRADING BIAS||NET-LONG%||NET-SHORT%||CHANGE IN LONGS||CHANGE IN SHORTS||CHANGE IN OI|
USD/CAD: Retail trader data shows 52.75% of traders are net-long with the ratio of traders long to short at 1.12 to 1. In fact, traders have remained net-long since Aug 03 when USD/CAD traded near 1.33, price has moved 0.34% higher since then. The number of traders net-long is 0.65% lower than yesterday and 20.68% higher from last week, while the number of traders net-short is 16.90% lower than yesterday and 29.16% lower from last week.
We typically take a contrarian view to crowd sentiment, and the fact traders are net-long suggests USD/CAD prices may continue to fall.
Our data shows traders are now net-long USD/CAD for the first time since Aug 03, 2023 when USD/CAD traded near 1.33. Traders are further net-long than yesterday and last week, and the combination of current sentiment and recent changes gives us a stronger USD/CAD-bearish contrarian trading bias.
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