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Loonie Forecast Warns Against Chasing Strength

Loonie Forecast Warns Against Chasing Strength

2012-08-30 15:24:00
David Rodriguez, Head of Product
Share:
ssi_usd-cad_body_Picture_9.png, Loonie Forecast Warns Against Chasing Strength

USDCAD – Retail trading crowds remain aggressively long the US Dollar (ticker: USDOLLAR) against the Canadian Dollar, but a noteworthy drop in long interest gives us pause in our earlier calls for USDCAD declines.

FXCM Execution Desk data shows there are currently 2.9 retail traders long USDCAD for every one that is short. Sentiment is clearly one-sided, but crowds have actually pulled back from recent peaks near 5.5 traders long for each short.

As with other USD pairs, we see further US Dollar/Canadian Dollar consolidation amidst extremely slow market conditions.

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 Speculative Sentiment Index and other reports from this author via e-mail, send a message with subject line “Distribution List” to drodriguez@dailyfx.com; Contact David via Twitter at http://www.twitter.com/DRodriguezFX

Meet the DailyFX team in Las Vegas at the annual FXCM Traders Expo, November 2-4, 2012 at the Rio All Suite Hotel & Casino. For additional information regarding the schedule, workshops and accommodations, visit the FXCM Trading Expo website.

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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