[B]USD/CAD Ratio: 1.22
[/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 4.05 [B]1.22[/B] 55% -6.77% Bearish
[B]USDCAD – [/B]Once again, in a week of considerable action for both price movement and sentiment, the USDCAD pair has once again seen the most meaningful changes in retail positioning. With the US dollar rallying more than 300-point rather consistently against its Canadian complement, speculative traders have quickly reversed their market bias and taken positions against the prevailing trend. The USDCAD’s Speculative Sentiment Index ratio stands at 1.22 today with only 55% of the retail pool holding long positions. This stands in dramatic contrast to last week’s seven-month high 4.05 reading, where nearly 80% of the population was long. Much like with GBPUSD positioning, the significant change in the USDCAD’s directional bias reflects considerable faith in the pair’s six-months of range activity. As would be expected from the sharp change in the headline number, trading activity has been considerable. Long positions were only 3.4% lower than yesterday but a consequential 34.6% weaker than last week. Far more substantial was the change in short interest. While open short positions were a mere 6.6% higher than yesterday, they were a staggering 93.4% stronger than last week’s levels. However, net positions dropped 10% as stops were run and open interest now stands 6.2% below the monthly average.