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Canadian Dollar Forecast Bullish

Canadian Dollar Forecast Bullish

David Rodriguez, Head of Product
ssi_usd-cad_body_Picture_11.png, Canadian Dollar Forecast Bullish

USDCAD – Trading crowds have turned strongly net-long the US Dollar against the Canadian Dollar, giving us contrarian signal that the pair could continue trading lower.

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

To receive the SSI via e-mail and other reports from author David Rodríguez, e-mail subject line “Distribution List” to drodriguez@dailyfx.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.

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