FOREX ANALYSIS: Canadian Dollar Trading Outlook Bullish
USDCAD –Retail forex trading crowds have remained steadily net-long the US Dollar (ticker: USDOLLAR) versus the Canadian Dollar since it crossed below the C$0.9900 in October, and consistent sentiment leaves us in favor of USDCAD declines.
We have seen a modest pullback in USD longs—down 18 percent since last week. Yet we will need to see a more substantive shift before we turn in favor of US Dollar strength.
--- Written by David Rodriguez, Quantitative Strategist for DailyFX.com
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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.