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Canadian Dollar Rally is Set to Last

Canadian Dollar Rally is Set to Last

David Rodriguez, Head of Product


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USDCAD– A remarkable shift in retail forex trader positions warns that the US Dollar may continue lower versus the resurgent Canadian Dollar. Our data shows there are currently 1.3 open USD/CAD long positions for every 1 short, and a contrarian view of crowd sentiment leaves us in favor of selling into USD/CAD declines.

Indeed, last week we noted the likelihood that the US Dollar set a top versus its Canadian counterpart; the further flip in retail FX sentiment acts as further confirmation. We will maintain our bearish trading bias until further notice.

See next currency section: AUDUSD - Australian Dollar Outlook Uncertain until this Changes

Written by David Rodriguez, Quantitative Strategist for

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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.