Canadian Dollar Likely to Fall Further
USDCAD – Trading crowds remain fairly net-short the US Dollar against the Canadian dollar, giving contrarian signal that the pair may continue its advance. The ratio of long to short positions in the USDCAD stands at -2.34 as nearly 70% of traders are short. Yesterday, the ratio was at -2.76 as 73% of open positions were short. In detail, long positions are 14.0% lower than yesterday and 18.1% weaker since last week. Short positions are 27.2% lower than yesterday and 37.4% weaker since last week. Recent trends and crowd sentiment favor further USDCAD strength.
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