Canadian Dollar Forecast Remains Bullish Against US Dollar

USD/CAD ratio: 2.14
Trading Forecast: Bearish

USDCAD – Our forex trading signals are effectively flat the USD/CAD, as strategies closed out long-standing short positions on the pair’s recent bounce. The ratio of long to short positions in the USDCAD stands at 2.14 as nearly 68% of traders are long. Yesterday, the ratio was at 1.77 as 64% of open positions were long. In detail, long positions are 6.9% higher than yesterday and 16.3% weaker since last week. Short positions are 11.6% lower than yesterday and 3.7% stronger since last week. Open interest is 0.2% stronger than yesterday and 4.5% above its monthly average. The SSI is a contrarian indicator and signals more USDCAD losses. Yet we cannot ignore the fact that crowds are shifting towards fewer long orders and more short orders—limiting our bearish bias.