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USD/CAD IG Client Sentiment: Our data shows traders are now net-long USD/CAD for the first time since Oct 27, 2022 18:00 GMT when USD/CAD traded near 1.36.

USD/CAD IG Client Sentiment: Our data shows traders are now net-long USD/CAD for the first time since Oct 27, 2022 18:00 GMT when USD/CAD traded near 1.36.

Research, Research Team
USD/CAD Client Positioning

Number of traders net-short has decreased by 16.63% from last week.

SYMBOLTRADING BIASNET-LONG%NET-SHORT%CHANGE IN LONGSCHANGE IN SHORTSCHANGE IN OI
USD/CADBEARISH52.01%47.99%

37.36% Daily

22.95% Weekly

-32.82% Daily

-16.63% Weekly

-8.50% Daily

0.14% Weekly

USD/CAD: Retail trader data shows 52.01% of traders are net-long with the ratio of traders long to short at 1.08 to 1. In fact, traders have remained net-long since Oct 27 when USD/CAD traded near 1.36, price has moved 0.45% lower since then. The number of traders net-long is 37.36% higher than yesterday and 22.95% higher from last week, while the number of traders net-short is 32.82% lower than yesterday and 16.63% 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 Oct 27, 2022 18:00 GMT when USD/CAD traded near 1.36. 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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