US Dollar Remains in Control versus Canadian Dollar
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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.