USD/CAD IG Client Sentiment: Our data shows traders are now net-long USD/CAD for the first time since Dec 04, 2022 when USD/CAD traded near 1.34.
Number of traders net-short has decreased by 20.33% from last week.
|SYMBOL||TRADING BIAS||NET-LONG%||NET-SHORT%||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 Dec 04 when USD/CAD traded near 1.34, price has moved 0.78% higher since then. The number of traders net-long is 33.07% higher than yesterday and 24.26% higher from last week, while the number of traders net-short is 1.20% higher than yesterday and 20.33% 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 Dec 04, 2022 when USD/CAD traded near 1.34. 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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