Canadian Dollar Forecast Bullish
The ratio of long to short positions in the USDCAD stands at 2.79 as nearly 74% of traders are long. Yesterday, the ratio was at 2.46 as 71% of open positions were long. In detail, long positions are 7.8% higher than yesterday and 44.7% stronger since last week. Short positions are 4.6% lower than yesterday and 14.0% weaker since last week. Open interest is 4.2% stronger than yesterday and 15.9% above its monthly average.
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
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