Canadian Dollar Trades at Key Resistance

[B]USDCAD – [/B]Our sentiment-based forex trading strategies have remained heavily short the US Dollar against the Canadian Dollar through the past several days of trade, and our short-term trading bias remains bearish. The ratio of long to short positions in the USDCAD stands at 2.26 as nearly 69% of traders are long. Yesterday, the ratio was at 2.59 as 72% of open positions were long. In detail, long positions are 12.9% lower than yesterday and an incredible 98.6% stronger since last week. Short positions are unchanged from yesterday and 14.8% weaker since last week. The SSI is a contrarian indicator and signals more USDCAD losses, but it serves to note that the pair currently trades at important technical support—leaving risk of a short-term reversal.