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Forex Trader Sentiment Favors Further USDCAD Gains

Forex Trader Sentiment Favors Further USDCAD Gains

David Rodriguez, Head of Product
Forex Trader Sentiment Favors Further USDCAD Gains

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

USDCAD– Retail FX traders remain aggressively short the US Dollar versus the Canadian Dollar, and until this changes we will maintain our contrarian calls for further USD/CAD strength.

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 Forecast Turns Clearly Bearish

Written by David Rodriguez, Quantitative Strategist for DailyFX.com

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