USD/CAD Ratio: 1.47
Signal: Bearish
| Currency | Last Week | Present* | % Long | % Change in Positions Outstanding | Signal |
| USDCAD | 1.06 | 1.47 | 59% | 2.47% | Bearish |
USDCAD – Though the USDCAD SSI ratio finally dropped below parity this past week, the milestone for positioning wouldn’t equate to an equally momentous shift for underlying price action. Since testing resistance around 1.03, the pair has fallen back nearly 200 points with momentum building to the downside. However, showing retail traders’ tendency to find themselves on the market, the move lower has actually led to an increase in long-side positioning. Today the sentiment ratio stood at 1.47 – furthering a steady rebound throughout this past week. However, with nearly 59% of retail traders long, the market is far from the extreme levels of last month and still near the lows that preceded the sharp run-up from 0.9850 lows. From the report details, longs were only 0.7% weaker than yesterday but a significant 17.2% stronger than last week’s levels. On the other hand, shorts fell 8.9% from Wednesday and were 13.5% weaker than last week. Ultimately though, the choppy price action in USDCAD was boosting little desire in trading the range as open interest was only 2.9% greater than last week but 1.6% below the monthly average.
