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Canadian Dollar Forecast to Break Lower

Canadian Dollar Forecast to Break Lower

David Rodriguez, Head of Product
ssi_usd-cad_body_Picture_11.png, Canadian Dollar Forecast to Break Lower

USDCAD – Forex trading crowds have recently turned their most aggressively net-short the US Dollar (ticker: USDOLLAR) against the Canadian Dollar since the pair rallied towards the C$1.0500 mark through late 2011. Such one-sided sentiment gives strong contrarian signal that the USDCAD could continue to register fresh peaks.

In fact, our forex sentiment-based trading strategies are currently long the USDCAD as the pair breaks to fresh peaks. We remain focused on the 2012 USDCAD high at C$1.0318 and bullish as long as price remains key support at $1.0150.

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

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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