Canadian Dollar Forecast Bullish
The ratio of long to short positions in the USDCAD stands at 1.92 as nearly 66% of traders are long. Yesterday, the ratio was at 1.73 as 63% of open positions were long. In detail, long positions are 10.3% higher than yesterday and 31.0% stronger since last week. Short positions are 1.0% lower than yesterday and 7.9% weaker since last week.
The fact that crowds are net-long and continue buying gives us a bearish USDCAD trading bias.
How do we interpret the SSI? Watch an FXCM Expo Presentation that explains the SSI.
--- Written by David Rodriguez, Quantitative Strategist for DailyFX.com
To receive the SSI via e-mail and other reports from author David Rodríguez, e-mail subject line “Distribution List” to email@example.com
Contact David via Twitter at http://www.twitter.com/DRodriguezFX
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.