ssi_usd-cad_body_Picture_9.png, FOREX ANALYSIS: Canadian Dollar Eyes Further Gains

USDCAD Retail forex trading crowds have increased their net-long US Dollar (ticker: USDOLLAR) position against the Canadian Dollar, and a contrarian view of crowd sentiment favors USDCAD declines.

Crowd net positioning is now at its most bullish since the pair traded below C$0.9900 in October, and such one-sided sentiment warns that the pair could continue lower.

It will be important to watch USDCAD technical support at C$0.9717, but current price momentum and trader sentiment favors further losses.

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

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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.
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  • Most Actives
    Most Actives
    NamePriceChange% Chg
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    N21.SI
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    G13.SI
    0.169+0.005+3.05%
    5DM.SI
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    40E.SI
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    E5H.SI
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    0.225+0.035+18.42%
    BTJ.SI
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    AWI.SI
    0.40+0.05+14.29%
    L5I.SI
    0.58+0.05+9.43%
    BHU.SI
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    AWS.SI
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    % Losers
    NamePriceChange% Chg
    0.33-0.23-41.07%
    MR8.SI
    0.15-0.03-18.48%
    5MQ.SI
    0.205-0.015-6.82%
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    S29.SI

Market Data

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    NamePriceChange% Chg
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    USDSGD=X
    1.5205+0.0042+0.28%
    EURSGD=X
    1.7523-0.0033-0.19%
    GBPSGD=X
    79.6590+0.081+0.10%
    SGDJPY=X
    5.4425-0.0335-0.61%
    SGDHKD=X
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    SGDMYR=X
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    SGDCNY=X
    1.0738+0.0036+0.34%
    AUDSGD=X
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    89.06-0.04-0.04%
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