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Canadian Dollar Forecast to Break towards C$1.05

Canadian Dollar Forecast to Break towards C$1.05

David Rodriguez, Head of Product
ssi_usd-cad_body_Picture_16.png, Canadian Dollar Forecast to Break towards C$1.05

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 recently went short the USDCAD but were quickly taken out of the trade as the pair pushed higher. Our Senior Technical Strategist favors buying US Dollars against the Canadian Dollar as long as it remains above C$1.0150, and one-sided sentiment supports calls for strength.

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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