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US Dollar in Position to Gain versus Canadian Dollar

US Dollar in Position to Gain versus Canadian Dollar

David Rodriguez, Head of Product
US Dollar in Position to Gain versus Canadian Dollar

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See a video on why we use the Speculative Sentiment Index as a contrarian indicator in our trading

USDCADThe majority of retail forex traders recently turned net-short the US Dollar versus the Canadian Dollar, and a contrarian view of crowd sentiment leaves us in favor of further USD/CAD gains. Indeed we saw a similar dynamic as the pair rallied from C$1.20 in May; traders remained short with little interruption until the most recent turn lower from C$1.3400.

The notable shift in sentiment warns that the USD/CAD may resume its much broader uptrend.

See next currency section:AUDUSD - Australian Dollar Likely to Fall Further

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.

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