Canadian Dollar Likely to Fall Further
USDCAD – Trading crowds remain strongly 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 -2.03 as nearly 67% of traders are short. Yesterday, the ratio was at -1.76 as 64% of open positions were short. In detail, long positions are 4.6% lower than yesterday and 12.2% weaker since last week. Short positions are 9.8% higher than yesterday and 35.5% weaker since last week. The SSI is a contrarian indicator and strongly net-short crowd positioning calls for further USDCAD gains.
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--- Written by David Rodriguez, Quantitative Strategist for DailyFX.com
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