Loonie Outlook Flips, Forecast to Fall against Dollar
USDCAD – The ratio of long to short positions in the USD/CAD stands at -4.12 as nearly 80% of traders are short. Yesterday, the ratio was at -4.75 as 83% of open positions were short. In detail, long positions are 1.6% lower than yesterday and 45.3% weaker since last week. Short positions are 14.7% lower than yesterday and 291.6% stronger since last week. Open interest is 12.4% weaker than yesterday and 39.7% above its monthly average. The SSI is a contrarian indicator and signals more USD/CAD gains.
Written by Christopher Vecchio, Currency Analyst
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