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  • NZD extending gains against the Dollar $NZD $USD https://t.co/T6NsjMXiN9
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  • This is an update to an article published on February 1, looking at CAD potential against the US Dollar (USD/CAD), the Euro (EUR/CAD) and the Japanese Yen (JPY). Get your $USDCAD market update from @JStanleyFX here:https://t.co/erp4Qddlvm https://t.co/pJ5zJ1cSWz
  • #Gold Price Outlook: Gold Recovery First Test at Trend Resistance - $XAUUSD Levels - https://t.co/VHAsch23R0 https://t.co/9nnskcEVxQ
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  • commodity currencies have been putting in big moves of late. $USDCAD fresh two-year-lows, nearing 1.2500. But $CADJPY has been in a pronounced breakout for a little longer, and $EURCAD has recently joined the party. https://www.dailyfx.com/forex/fundamental/daily_briefing/session_briefing/daily_fundamentals/2021/02/24/Canadian-Dollar-Price-Forecast-Loonie-USD-CAD-USDCAD-CAD-JPY-CADJPY-EUR-CAD-EURCAD.html https://t.co/GQeIBjPmpH https://t.co/21VFUWPXv7
  • Commodities Update: As of 19:00, these are your best and worst performers based on the London trading schedule: Silver: 0.60% Oil - US Crude: -0.05% Gold: -0.37% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/OVvBvd24Qj
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Silver are long at 89.59%, while traders in Wall Street are at opposite extremes with 75.75%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/gM9tZwFhj3
  • The South African Rand continued to strengthen against the greenback after South African Finance Minister Tito Mboweni presented the annual budget speech earlier today. Get your $USDZAR market update from @Tams707 here:https://t.co/E2Uoa2YkNX https://t.co/OpZDwSUjGC
USD/CAD Trading Forecast Stays Mixed

USD/CAD Trading Forecast Stays Mixed

Christopher Vecchio, CFA, Senior Strategist
USD/CAD Trading Forecast Stays Mixed

Why and how do we use IG Client Sentiment in trading? See our guide and real-time data.

USDCAD: Retail trader data shows 61.3% of traders are net-long with the ratio of traders long to short at 1.58 to 1. In fact, traders have remained net-long since Jun 07 when USDCAD traded near 1.35095; price has moved 7.7% lower since then. The number of traders net-long is 0.8% higher than yesterday and 7.8% lower from last week, while the number of traders net-short is 1.8% lower than yesterday and 44.4% higher from last week.

We typically take a contrarian view to crowd sentiment, and the fact traders are net-long suggests USDCAD prices may continue to fall. Positioning is more net-long than yesterday but less net-long from last week. The combination of current sentiment and recent changes gives us a further mixed USDCAD trading bias.

--- Written by Christopher Vecchio, CFA, Senior Currency Strategist

To contact Christopher Vecchio, e-mail cvecchio@dailyfx.com

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