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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.

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