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).
How do we interpret and trade with 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 email@example.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.