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US Dollar May Have Set Bottom versus Canadian Dollar, British Pound

US Dollar May Have Set Bottom versus Canadian Dollar, British Pound

2011-08-04 16:18:00
David Rodriguez, Head of Product
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EURUSDEuro Forecast May Turn Bearish

GBPUSDBritish Pound Expected to Fall Further

USDJPYJapanese Yen Uptrend Intact Despite Intervention

USDCHFSwiss Franc Forecast to Strengthen Further

USDCADCanadian Dollar Outlook Calls for Losses

GBPJPYBritish Pound Outlook Unclear Against JPY

A substantial shift in forex trading sentiment warns that the US Dollar (Ticker: USDOLLAR) could continue higher against the Canadian Dollar, British Pound, and euro through upcoming trade.

Traders have moved to sell the Greenback aggressively against the Canadian Dollar and short positions are 85 percent above where they were last week. USD short positions against the British Pound (GBPUSD longs) are a similar 54 percent higher through the same stretch, and we increasingly see contrarian signal the US Dollar could continue its bounce.

Recent rallies could be the start of a larger correction—especially as the Dow Jones FXCM Dollar index may have set an important bottom through recent price action.

View an FXCM Expo presentation on the Speculative Sentiment Index for better understanding on how we use it in our trading.

ssi_table_story_body_Picture_1.png, US Dollar May Have Set Bottom versus Canadian Dollar, British Pound

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