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Canadian Dollar Forecast Turns Bullish on USD Weakness

Canadian Dollar Forecast Turns Bullish on USD Weakness

2012-06-07 14:43:00
David Rodriguez, Head of Product
Share:
ssi_usd-cad_body_Picture_7.png, Canadian Dollar Forecast Turns Bullish on USD Weakness

Forex retail trading crowds are now their least short US Dollar (ticker: USDOLLAR) versus the Canadian Dollar since the USDCAD first crossed above the CS$1.00 mark. We unabashedly called for important USDCAD gains as crowds sold into rallies. Yet short positions are down 22 percent since last week while longs have risen 19 percent.

As with other US Dollar pairs, we believe that the Canadian Dollar stands to benefit as the USD itself looks likely to correct lower through short-term trading. (USDCAD losses)

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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