USD/CAD IG Client Sentiment: Our data shows traders are now net-long USD/CAD for the first time since May 05, 2022 20:00 GMT when USD/CAD traded near 1.28.
Number of traders net-short has decreased by 14.62% from last week.
CHANGE IN LONGS
CHANGE IN SHORTS
CHANGE IN OI
USD/CAD: Retail trader data shows 50.07% of traders are net-long with the ratio of traders long to short at 1.00 to 1. In fact, traders have remained net-long since May 05 when USD/CAD traded near 1.28, price has moved 1.02% higher since then. The number of traders net-long is 1.37% higher than yesterday and 5.13% higher from last week, while the number of traders net-short is 20.17% lower than yesterday and 14.62% 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 May 05, 2022 20:00 GMT when USD/CAD traded near 1.28. 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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