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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
US Dollar Remains in Control versus Canadian Dollar

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

USDCAD– Retail forex traders remain heavily short the US Dollar versus the Canadian Dollar, and a contrarian view of crowd sentiment leaves us watching for further USD/CAD gains.

It is worth noting that both sentiment and price have remained fairly steady in the past four weeks of trading—ideally we would see fresh USD/CAD selling in order to call for gains. Yet we would need to see a substantive shift in positioning to call for a meaningful US Dollar pullback versus its Canadian counterpart.

See next currency section:AUDUSD - Australian Dollar Positions at Multi-Year Extremes, Rallies Likely

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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