FOREX ANALYSIS: Canadian Dollar Eyes Further Gains

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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Market Data

  • Currencies
    Currencies
    NamePriceChange% Chg
    1.3475-0.0006-0.04%
    USDSGD=X
    1.4772-0.0001-0.01%
    EURSGD=X
    2.0668+0.0021+0.10%
    GBPSGD=X
    91.8014-0.1236-0.13%
    SGDJPY=X
    5.7541+0.0023+0.04%
    SGDHKD=X
    2.7069-0.0008-0.03%
    SGDMYR=X
    9,805.8359+13.543+0.14%
    SGDIDR=X
    4.6018+0.0015+0.03%
    SGDCNY=X
    1.0336+0.0018+0.17%
    AUDSGD=X
  • Commodities
    Commodities
    NamePriceChange% Chg
    1,189.80+1.00+0.08%
    GCQ15.CMX
    16.73+0.06+0.37%
    SIN15.CMX
    69.83+1.07+1.56%
    ^XAU
    2.78+0.01+0.34%
    HGN15.CMX
    58.36+0.68+1.18%
    CLN15.NYM
  • Bonds
    Bonds
    TreasuryYield (%)Yield Change
    1.51-0.02
    ^FVX
    2.13-0.01
    ^TNX
    2.88+0.01
    ^TYX

MARKET MOVERS

  • Most Actives
    Most Actives
    NamePriceChange% Chg
    0.785-0.025-3.09%
    N21.SI
    4.14+0.02+0.49%
    Z74.SI
    0.3350.0000.00%
    AFC.SI
    0.290.000.00%
    5WA.SI
    0.915-0.010-1.08%
    G13.SI
  • % Gainers
    % Gainers
    NamePriceChange% Chg
    0.135+0.015+12.50%
    T16.SI
    0.50+0.04+9.89%
    MN5.SI
    0.119+0.009+8.18%
    540.SI
    0.15+0.01+7.14%
    5MD.SI
    0.43+0.03+6.17%
    AVW.SI
  • % Losers
    % Losers
    NamePriceChange% Chg
    1.34-0.46-25.56%
    AYC.SI
    0.138-0.042-23.33%
    40R.SI
    0.114-0.019-14.29%
    5UA.SI
    0.34-0.06-13.92%
    AWI.SI
    0.151-0.014-8.48%
    T08.SI