Canadian Dollar Forecast to Decline on Sentiment Shift
USDCAD – The ratio of long to short positions in the USDCAD stands at -1.04 as nearly 51% of traders are short. Yesterday, the ratio was at 1.54 as 61% of open positions were long. In detail, long positions are 23.4% lower than yesterday and 34.6% weaker since last week. Short positions are 22.3% higher than yesterday and 23.0% stronger since last week. Open interest is 5.5% weaker than yesterday and 22.1% below its monthly average. The SSI is a contrarian indicator and signals more USDCAD gains, and one of our SSI-based trading strategies recently went long.
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