USDCAD – Forex retail trading crowds remain 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 unchanged since last week while long interest has risen.
As with other US Dollar pairs, focus remains on Sunday’s USD low as key support in the way of further Greenback declines. For the USDCAD, a hold of C$1.0200 favors further gains.
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--- Written by David Rodriguez, Quantitative Strategist for DailyFX.com
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