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Canadian Dollar Forecast Calls for Gains

Canadian Dollar Forecast Calls for Gains

2010-05-27 14:22:00
Antonio Sousa, Chief Strategist
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SSI 10-05-27_usdcad

The ratio of long to short positions in the USDCAD stands at 1.54 as nearly 61% of traders are long, according to the FXCM SSI which measures the positioning of thousands of retail traders. Last week, the ratio was at -1.10 as 52% of open positions were short. Retail traders have been buying the USDCAD and long positions are up by 25.8% since last week. The SSI is a contrarian indicator and signals more USDCAD losses.

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