USD/CAD IG Client Sentiment: Our data shows traders are now net-short USD/CAD for the first time since Oct 29, 2020 when USD/CAD traded near 1.33.
Number of traders net-short has increased by 41.56% from last week.
CHANGE IN LONGS
CHANGE IN SHORTS
CHANGE IN OI
USD/CAD: Retail trader data shows 48.71% of traders are net-long with the ratio of traders short to long at 1.05 to 1. In fact, traders have remained net-short since Oct 29 when USD/CAD traded near 1.33, price has moved 4.16% lower since then. The number of traders net-long is 11.03% lower than yesterday and 33.15% lower from last week, while the number of traders net-short is 3.58% higher than yesterday and 41.56% higher from last week.
We typically take a contrarian view to crowd sentiment, and the fact traders are net-short suggests USD/CAD prices may continue to rise.
Our data shows traders are now net-short USD/CAD for the first time since Oct 29, 2020 when USD/CAD traded near 1.33. Traders are further net-short than yesterday and last week, and the combination of current sentiment and recent changes gives us a stronger USD/CAD-bullish contrarian trading bias.
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