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US Dollar Likely to Hit Fresh Highs versus Canadian Dollar

US Dollar Likely to Hit Fresh Highs versus Canadian Dollar

David Rodriguez, Head of Product
US Dollar Likely to Hit Fresh Highs 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 continue selling aggressively into US Dollar gains versus the Canadian Dollar, and heavily one-sided sentiment warns that the USD/CAD exchange rate may continue onto fresh highs.

Our data shows that open USD/CAD short positions outnumber those long by a substantive 2.9 to 1—nearly 75 percent of all retail open positions are short. Such a large imbalance can often coincide with important crowd sentiment and price extremes, but by definition these extremes are only clear in hindsight. Until we see a turn in crowd positioning we see little reason to abandon our USD/CAD-bullish trading bias.

See next currency section:AUDUSD - Australian Dollar Remains a Buy Until this Changes

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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