USD/CAD IG Client Sentiment: Our data shows traders are now net-long USD/CAD for the first time since Nov 08, 2019 when USD/CAD traded near 1.32.
Number of traders net-short has decreased by 25.72% from last week.
CHANGE IN LONGS
CHANGE IN SHORTS
CHANGE IN OI
USD/CAD: Retail trader data shows 50.32% of traders are net-long with the ratio of traders long to short at 1.01 to 1. In fact, traders have remained net-long since Nov 08 when USD/CAD traded near 1.32, price has moved 0.40% lower since then. The number of traders net-long is 19.47% higher than yesterday and 9.82% higher from last week, while the number of traders net-short is 22.94% lower than yesterday and 25.72% 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 Nov 08, 2019 when USD/CAD traded near 1.32. 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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