Canadian Dollar Forecast to Strengthen versus USD
USDCAD - The ratio of long to short positions in the USDCAD stands at 2.92 as approximately 75% of traders are long. Yesterday the ratio was 3.25; 76% of open positions were long. In detail, long positions are 3.1% lower than yesterday and 12.5% above levels seen last week. Short positions are 7.7% higher than yesterday and 29.0% below levels seen last week. We use our SSI as a contrarian indicator to price action, and the fact that the majority of traders are long gives signal that the USDCAD may continue lower.
--- Written by David Rodriguez, Quantitative Strategist for DailyFX.com
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