Canadian Dollar Forecast to Weaken Against USD
USDCAD – The ratio of long to short positions in the USDCAD stands at 1.41 as nearly 59% of traders are long. Yesterday, the ratio was at 2.31 as 70% of open positions were long. In detail, long positions are 16.5% lower than yesterday and 41.6% weaker since last week. Short positions are 37.0% higher than yesterday and 10.0% stronger since last week. Open interest is 0.3% weaker than yesterday and 29.9% below its monthly average. The SSI is a contrarian indicator, and the extremely sharp shift towards short positions points to further USDCAD gains.
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