Canadian Dollar Could Continue to Strengthen
USDCAD – The ratio of long to short positions in the USDCAD stands at 3.15 as nearly 76% of traders are long. Yesterday, the ratio was at 3.94 as 80% of open positions were long. In detail, long positions are 4.4% lower than yesterday and 16.0% weaker since last week. Short positions are 20.9% higher than yesterday and 66.0% stronger since last week. Open interest is 0.7% stronger than yesterday and 10.0% below its monthly average. The noteworthy gain in short positions moderates our otherwise-bearish bias.
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