Canadian Dollar Forecast to Rally Against US Dollar

[DailyFx]

USD/CAD Ratio: 1.41
Signal: Bearish




Currency Last Week Present* % Long % Change in Positions Outstanding Signal USDCAD 1.25 1.41 59% -19.56% Bearish




USDCAD – Since accurately predicting a sharp breakout in the USDCAD, our forex positioning data has since flipped its bias and continues to signal short-term losses in the US dollar against the Canadian dollar. The ratio of long to short positions in the USDCAD stands at 1.42 as nearly 59% of traders are long. Yesterday, the ratio was at 1.50 as 60% of open positions were long. In detail, long positions are 4.3% lower than yesterday and 33.4% weaker since last week. Short positions are 1.3% higher than yesterday and 13.6% stronger since last week. Typically when we see that forex traders are long the USDCAD but have stopped buying, it gives us a modestly bearish forecast for the USDCAD. A Canadian dollar calendar and forex technical updates can be seen in our USDCAD currency room.