Forex Analysis: Canadian Dollar Breakdown Should be Sold

ssi_usd-cad_body_Picture_10.png, Forex Analysis: Canadian Dollar Breakdown Should be Sold

USDCADRetail forex traders are now net-short the US Dollar (ticker: USDOLLAR) against the Canadian Dollar for the first time since the pair last traded above parity, and the sharp shift in forex trader sentiment warns that the pair may break fresh highs.

Trade Implications – USDCAD: Two of our retail sentiment-based trading strategies have recently bought the USDCAD from C$0.9868 and C$1.0002. Our senior technical strategist believes that the USDCAD trend is now up, and weakness should be bought with eventual target of C$1.0250.

--- Written by David Rodriguez, Quantitative Strategist for DailyFX.com

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Market Data

  • Currencies
    Currencies
    NamePriceChange% Chg
    1.2527-0.0002-0.01%
    USDSGD=X
    1.73070.000.00%
    EURSGD=X
    2.1023-0.0018-0.08%
    GBPSGD=X
    81.7626+0.0299+0.04%
    SGDJPY=X
    6.1901+0.0007+0.01%
    SGDHKD=X
    2.5848+0.0003+0.01%
    SGDMYR=X
    9,116.3105-34.9082-0.38%
    SGDIDR=X
    4.9689+0.0047+0.09%
    SGDCNY=X
    1.1689+0.0004+0.03%
    AUDSGD=X
  • Commodities
    Commodities
    NamePriceChange% Chg
    1,294.60-8.90-0.68%
    GCM14.CMX
    19.67+0.01+0.05%
    SIN14.CMX
    90.18-0.65-0.72%
    ^XAU
    3.04+0.02+0.51%
    HGK14.CMX
    104.59+0.83+0.80%
    CLK14.NYM
  • Bonds
    Bonds
    TreasuryYield (%)Yield Change
    1.73+0.08
    ^FVX
    2.72+0.08
    ^TNX
    3.52+0.06
    ^TYX

MARKET MOVERS

  • Most Actives
    Most Actives
    NamePriceChange% Chg
    0.115-0.002-1.71%
    B22.SI
    0.48+0.020+4.35%
    5GJ.SI
    2.27+0.090+4.13%
    5ME.SI
    2.190.0000.00%
    JS8.SI
    0.61+0.005+0.83%
    E5H.SI
  • % Gainers
    % Gainers
    NamePriceChange% Chg
    0.162+0.034+26.56%
    5GF.SI
    0.20+0.034+20.48%
    5WD.SI
    0.59+0.050+9.26%
    L5I.SI
    0.28+0.020+7.69%
    C33.SI
    0.215+0.015+7.50%
    5UE.SI
  • % Losers
    % Losers
    NamePriceChange% Chg
    0.103-0.010-8.85%
    5OS.SI
    0.112-0.008-6.67%
    5RC.SI
    0.355-0.025-6.58%
    KJ9.SI
    0.215-0.015-6.52%
    F9M.SI
    0.29-0.020-6.45%
    5PC.SI