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FOREX ANALYSIS: Canadian Dollar Forecast to Decline

FOREX ANALYSIS: Canadian Dollar Forecast to Decline

David Rodriguez, Head of Product
ssi_usd-cad_body_Picture_12.png, FOREX ANALYSIS: Canadian Dollar Forecast to Decline

USDCAD An aggressive shift in forex retail crowd positioning warns that the US Dollar (ticker: USDOLLAR) may be staging a larger rally against the Canadian Dollar.

Retail short interest in the USDCAD surged 61 percent since last week, while long positions are down a comparable 35 percent through the same period.

A positive technical forecast for the USDCAD and a sharp turn in retail sentiment leave us in favor of further gains.

--- Written by David Rodriguez, Quantitative Strategist for DailyFX.com

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