Crowd Sentiment Continues to Favor USD/CAD Gains
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In fact our data shows that aggregate positioning was recently at its most net-short USD/CAD since at least 2011. It’s possible that sentiment has reached an important extreme, but this is only obvious in hindsight. We would need to see a material shift towards crowd buying before calling for a meaningful turnaround.
See next currency section: AUDUSD - Australian Dollar May Continue Lower versus US Dollar
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.