USD/CAD IG Client Sentiment: Our data shows traders are now at their least net-long USD/CAD since Dec 22 when USD/CAD traded near 1.29.
Number of traders net-short has increased by 97.12% from last week.
CHANGE IN LONGS
CHANGE IN SHORTS
CHANGE IN OI
USD/CAD: Retail trader data shows 31.59% of traders are net-long with the ratio of traders short to long at 2.17 to 1. Our data shows traders are now at their least net-long USD/CAD since Dec 22 when USD/CAD traded near 1.29. The number of traders net-long is 6.77% higher than yesterday and 44.53% lower from last week, while the number of traders net-short is 18.96% higher than yesterday and 97.12% 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.
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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