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Canadian Dollar Rally is Set to Last

Canadian Dollar Rally is Set to Last

David Rodriguez, Head of Product
Canadian Dollar Rally is Set to Last

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

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 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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