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Canadian Dollar Likely to Hit Fresh Lows until this Changes

Canadian Dollar Likely to Hit Fresh Lows until this Changes

David Rodriguez, Head of Product
Canadian Dollar Likely to Hit Fresh Lows until this Changes

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

USDCAD– Retail FX traders remain heavily short the US Dollar versus the Canadian Dollar, and we maintain our contrarian calls for further USD/CAD gains.

As we’ve highlighted in recent weeks, aggregate positioning is near its most net-short since at least 2011. And the clear caveat remains that such aggressive imbalances often coincides with important turns in price; crowds are often their most net-short at the top.

Of course we first highlighted this possibility nearly a month and 400 USD/CAD pips ago, and we will continue to emphasize that such extremes are only clear in hindsight. It would take a substantive shift in crowd sentiment to change our USD/CAD-bullish trading bias.

See next currency section:AUDUSD - Australian Dollar Forecast Calls for Weakness

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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