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Canadian Dollar Forecast to Gain versus US Dollar

Canadian Dollar Forecast to Gain versus US Dollar

David Rodriguez, Head of Product
ssi_usd-cad_1_body_Picture_11.png, Canadian Dollar Forecast to Gain versus US Dollar

Forex retail trading crowds have aggressively bought into US Dollar (ticker: USDOLLAR) weakness against the Canadian Dollar, giving us reason to call for further USDCAD declines. Traders are now their most net-long USDCAD since the pair last traded below the psychologically significant C$1.00 level in May.

A broader US Dollar uptrend admittedly limits our conviction in calling for major USDCAD losses. Yet one-sided retail sentiment warns that the pair may continue its recent declines.

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 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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