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Canadian Dollar Gains May Slow or Reverse

Canadian Dollar Gains May Slow or Reverse

David Rodriguez, Head of Product
ssi_usd-cad_body_Picture_2.png, Canadian Dollar Gains May Slow or Reverse

USDCADForex 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.

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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