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Canadian Dollar Forecast to Continue Rally against US Dollar

Canadian Dollar Forecast to Continue Rally against US Dollar

Christopher Vecchio, CFA, Senior Strategist
ssi_usd-cad_body_Picture_2.png, Canadian Dollar Forecast to Continue Rally against US Dollar

USDCAD - The ratio of long to short positions in the USDCAD stands at 2.22 as nearly 69% of traders are long. Yesterday, the ratio was at 1.88 as 65% of open positions were long. In detail, long positions are 4.8% higher than yesterday and 12.7% weaker since last week. Short positions are 11.5% lower than yesterday and 4.2% stronger since last week. Open interest is 0.9% weaker than yesterday and 7.1% below its monthly average. The SSI is a contrarian indicator and signals more USDCAD losses.

How do we interpret and trade with the SSI? Watch an FXCM Expo Presentation that explains the SSI.

--- Written by Christopher Vecchio, Currency Analyst 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 cvecchio@dailyfx.com; Contact Chris via Twitter at http://www.twitter.com/CVecchioFX

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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