Canadian Dollar Forecast Bullish vs USD
USDCAD – Retail trading crowds have once again turned fairly net-long the US Dollar against the Canadian Dollar, giving modestly strong contrarian signal that the pair may continue its declines. Our SSI ratio stands at 1.32 as 57 percent of traders are long. Long interest is 8.5% higher than yesterday and 3.0% stronger since last week. And though the number of traders short is 11.2% higher than yesterday, short interest is down an important 48.1% in the past 7 days. The sharp week-over-week decline in short positions and our net-long SSI ratio gives contrarian signal that the USDCAD may resume its earlier declines.
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