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US Dollar Remains in Control versus Canadian Dollar

US Dollar Remains in Control versus Canadian Dollar

David Rodriguez, Head of Product

Why and how do we use the SSI in trading? View our video and download the free indicator here

USDCAD–One-sided retail forex trader positioning warns that the US Dollar is likely to continue to gain versus the Canadian Dollar. Our trader sample shows that crowds most recently turned net-short the USD/CAD as it traded to multi-month highs through early November, and current positions show that 61 percent of traders remain short through time of writing.

We most often go against the crowd; if traders are short we prefer to be long. And indeed until we see a substantive shift towards USD/CAD-buying we will continue to call for near-term gains.

See next currency section: SPX500 - S&P 500 Likely to Hit Fresh Peaks

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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