[B]USD[/B][B]/CAD Ratio: -1.19
[/B][B]Signal: Bullish[/B]
[B]Currency[/B] [B]Last Week[/B] [B]Present*[/B] [B]% Long[/B] [B]% Change in Positions Outstanding[/B] [B]Signal[/B] USDCAD 1.11 [B]-1.19[/B] 46% 5.78% Bullish
[B]USDCAD – [/B]If ever there were any doubt in the SSI’s ability to predict price moves, recent USDCAD price action would quickly dispel it. The US Dollar/Canadian Dollar SSI reading flipped to negative for the first time in over two years on the day that the USDCAD broke out of its multi-month range. The ratio of long to short positions in the USDCAD stands at -1.19 as nearly 54% of traders are short. Since last week, forex traders have actually increased short positions by a whopping 49.9 percent and cut longs by 7.7 percent. Given that traders show little willingness to cease selling the USDCAD, the SSI predicts that we may see more US dollar gains/Canadian dollar losses through short term trading. Visit our Canadian Dollar Forex Forum thread to give us your opinion on the currency.