USD/CAD ratio: 1.33 Trading Forecast: Bearish
USDCAD – Outlook for the US Dollar against the Canadian Dollar remains unclear on a sharp drop in trader open interest. The ratio of long to short positions in the USDCAD stands at 1.08 as nearly 52% of traders are long. Yesterday, the ratio was at 1.36 as 58% of open positions were long. In detail, long positions are 8.6% lower than yesterday and 60.6% weaker since last week. Short positions are 15.7% higher than yesterday and 31.9% weaker since last week.
Open interest is 1.7% stronger than yesterday and 62.3% below its monthly average. The SSI is a contrarian indicator and signals more USDCAD losses, but extremely low open interest gives us little confidence in said forecasts.
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