Canadian Dollar Forecast Remains Bullish Against US Dollar

[B]USD/CAD ratio: 1.79[/B]
[B]Trading Forecast: Bearish[/B]

USDCAD – [/B]Our forex sentiment-based trading systems remain short the US Dollar against the Canadian dollar, and extremely one-sided positioning suggests further losses are likely. The ratio of long to short positions in the USDCAD stands at 1.82 as nearly 65% of traders are long. The ratio remains unchanged from yesterday when it registered at 1.82. In detail, long positions are 0.4% higher than yesterday and 2.7% weaker since last week. Short positions are 0.2% higher than yesterday and 20.5% stronger since last week. Open interest is 0.3% stronger than yesterday and 2.0% above its monthly average. The SSI is a contrarian indicator and signals more USDCAD losses.