Canadian Dollar Forecast to Rally Further
USDCAD – Currency trading crowds have remained net-long the US Dollar against the Canadian Dollar since the pair traded near the 1.05 mark, giving consistent contrarian signal to stay short the USDCAD. The ratio of long to short positions in the USDCAD stands at 5.32 as nearly 84% of traders are long. Yesterday, the ratio was at 4.29 as 81% of open positions were long. In detail, long positions are 1.3% higher than yesterday and 28.9% stronger since last week. Short positions are 18.3% lower than yesterday and 5.8% weaker since last week. Open interest is 2.4% weaker than yesterday and 3.0% below its monthly average. The SSI is a contrarian indicator and signals more USDCAD losses.
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