Advertisement
Singapore markets closed

  • Straits Times Index

    3,287.75
    -5.38 (-0.16%)
     

  • S&P 500

    5,007.29
    -64.34 (-1.27%)
     

  • Dow

    37,846.24
    -614.68 (-1.60%)
     

  • Nasdaq

    15,446.59
    -266.16 (-1.69%)
     

  • Bitcoin USD

    63,518.27
    -1,325.56 (-2.04%)
     

  • CMC Crypto 200

    1,370.70
    -11.88 (-0.86%)
     

  • FTSE 100

    8,070.46
    +30.08 (+0.37%)
     

  • Gold

    2,348.70
    +10.30 (+0.44%)
     

  • Crude Oil

    82.23
    -0.58 (-0.70%)
     

  • 10-Yr Bond

    4.7060
    +0.0540 (+1.16%)
     

  • Nikkei

    37,628.48
    -831.60 (-2.16%)
     

  • Hang Seng

    17,284.54
    +83.27 (+0.48%)
     

  • FTSE Bursa Malaysia

    1,569.25
    -2.23 (-0.14%)
     

  • Jakarta Composite Index

    7,155.29
    -19.24 (-0.27%)
     

  • PSE Index

    6,574.88
    +2.13 (+0.03%)
     

Canadian Dollar Rally is Set to Last

David Rodriguez

DailyFX.com -

Canadian Dollar Rally is Set to Last
Canadian Dollar Rally is Set to Last

Why and how do we use the SSI in trading? View our video and download the free indicator here

USDCAD– A remarkable shift in retail forex trader positions warns that the US Dollar may continue lower versus the resurgent Canadian Dollar. Our data shows there are currently 1.3 open USD/CAD long positions for every 1 short, and a contrarian view of crowd sentiment leaves us in favor of selling into USD/CAD declines.

Indeed, last week we noted the likelihood that the US Dollar set a top versus its Canadian counterpart; the further flip in retail FX sentiment acts as further confirmation. We will maintain our bearish trading bias until further notice.

ADVERTISEMENT

See next currency section:AUDUSD - Australian Dollar Outlook Uncertain until this Changes

Written by David Rodriguez, Quantitative Strategist for DailyFX.com

To receive the Speculative Sentiment Index and other reports from this author via e-mail, sign up for his distribution list via this link.

Contact David via

Twitter at http://www.twitter.com/DRodriguezFX


original source

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.
Learn forex trading with a free practice account and trading charts from FXCM.