Canadian Dollar Outlook Calls for Gains
USDCAD – The ratio of long to short positions in the USDCAD stands at 2.09 as nearly 68% of traders are long. Yesterday, the ratio was at 1.76 as 64% of open positions were long. In detail, long positions are 2.2% higher than yesterday and 43.5% stronger since last week. Short positions are 13.6% lower than yesterday and 22.4% weaker since last week. Open interest is 3.5% weaker than yesterday and 20.1% below its monthly average. The SSI is a contrarian indicator and signals more USDCAD losses. Three of our SSI-based trading systems have accordingly gone short the USDCAD.
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.