Canadian Dollar Forecast to Fall versus US Dollar
Forex retail trading crowds have sold the US Dollar (ticker: USDOLLAR) against the Canadian Dollar, giving us reason to call for further USDCAD gains. Retail speculators first turned net-short USDCAD as the pair crossed above the critical parity mark at C$1.00.
Given a broader US Dollar uptrend, there’s reason to believe that the Canadian Dollar could continue to weaken against its US namesake (USDCAD gains).
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--- Written by David Rodriguez, Quantitative Strategist for DailyFX.com
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