Canadian Dollar Forecast Unclear Against Greenback
USDCAD – The ratio of long to short positions in the USDCAD stands at 1.50 as nearly 60% of traders are long. Yesterday, the ratio was at 1.94 as 66% of open positions were long. In detail, long positions are 18.5% lower than yesterday and 7.9% weaker since last week. Short positions are 5.6% higher than yesterday and 14.3% weaker since last week. Open interest is 10.3% weaker than yesterday and 15.0% below its monthly average. The sudden build in short positions and commensurate drop in longs clouds short-term outlook for the USDCAD. As such, our bias is somewhat neutral.
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