[B]USD[/B][B]/CAD Ratio: 1.45
[/B][B]Signal: Bearish[/B]
[B]Currency[/B] [B]Last Week[/B] [B]Present*[/B] [B]% Long[/B] [B]% Change in Positions Outstanding[/B] [B]Signal[/B] USDCAD 1.59 [B]1.45[/B] 59% -2.56% Bearish
[B]USDCAD – [/B]The USDCAD SSI is fast approaching a flip. From last week’s 1.59, the ratio now stands at 1.45 with 59% of retail speculative traders long. While this reading may be on par for the rest of the majors, it is far removed from 2.0-plus readings from the past few months and the far more extreme readings from last summer and fall. The pair’s long congestion may be the culprit behind the drop in extreme sentiment as open interest is 10.8% below its monthly average. In detail, long positions are 1.2% higher than Wednesday and 6.2% weaker than last week. Similarly mild changes were seen in shorts which fell 4.9% from yesterday and grew 3.7% through the past week.