News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site. See our updated Privacy Policy here.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
Subscribe
Please try again
More View more
Canadian Dollar Predicted to Weaken

Canadian Dollar Predicted to Weaken

David Rodriguez, Head of Product
ssi_usdcad_body_Picture_5.png, Canadian Dollar Predicted to Weaken

Forex retail trading crowds are roughly flat the US Dollar (ticker: USDOLLAR) against the Canadian Dollar, underlining indecision as the USDCAD exchange rate trades within a narrow range. There are currently 1.2 open orders short for every one long. Said ratio represents a substantial shift from last week when there were actually 1.6 traders long per short, and indeed the shift suggests further gains may be in store.

Yet we would ideally see a sharper shift towards crowd USDCAD selling to take a more aggressively bullish stance on the US Dollar against its Canadian counterpart. Yet our broader US Dollar-bullish bias supports calls for USDCAD strength.

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.

DISCLOSURES