Canadian Dollar Outlook Calls for Losses
USDCAD – The ratio of long to short positions in the USDCAD stands at 1.20 as nearly 55% of traders are long. Yesterday, the ratio was at 1.15 as 54% of open positions were long. In detail, long positions are 5.3% lower than yesterday and 27.2% weaker since last week. Short positions are 9.3% lower than yesterday and 47.4% stronger since last week. Open interest is 7.2% weaker than yesterday and 13.9% below its monthly average. The sharp shift towards short positions gives us a short-term bullish contrarian bias.
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