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

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

New to FX markets? Learn more in our video trading guide.

Contact David via

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

Facebook at http://www.Facebook.com/DRodriguezFX

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.

--

Get stories like this on the Yahoo app and discover more every day.
Download it now.
Loading...
 
Recent Quotes
Symbol Price Change % Chg 
Your most recently viewed tickers will automatically show up here if you type a ticker in the "Enter symbol/company" at the bottom of this module.
You need to enable your browser cookies to view your most recent quotes.
 
Sign-in to view quotes in your portfolios.

Market Data

  • Currencies
    Currencies
    NamePriceChange% Chg
    1.3778-0.0001-0.01%
    USDSGD=X
    1.5338+0.0003+0.02%
    EURSGD=X
    1.9949-0.0004-0.02%
    GBPSGD=X
    80.3260-0.0398-0.05%
    SGDJPY=X
    5.6400+0.00010.00%
    SGDHKD=X
    2.9896+0.0011+0.04%
    SGDMYR=X
    9,907.8008+3.5947+0.04%
    SGDIDR=X
    4.7787+0.0021+0.04%
    SGDCNY=X
    0.9969+0.0004+0.04%
    AUDSGD=X
  • Commodities
    Commodities
    NamePriceChange% Chg
    1,218.70+1.20+0.10%
    GCQ16.CMX
    16.02+0.03+0.16%
    SIN16.CMX
    80.58+1.17+1.47%
    ^XAU
    2.09-0.01-0.45%
    HGN16.CMX
    48.92-0.18-0.37%
    CLN16.NYM
  • Bonds
    Bonds
    TreasuryYield (%)Yield Change
    1.36-0.03
    ^FVX
    1.83-0.02
    ^TNX
    2.63-0.02
    ^TYX

MARKET MOVERS

  • Most Actives
    Most Actives
    NamePriceChange% Chg
    0.295+0.015+5.36%
    N21.SI
    1.81-0.01-0.28%
    MC0.SI
    6.04-0.01-0.17%
    H78.SI
    1.02+0.01+0.99%
    C22.SI
    0.55+0.02+3.77%
    5ME.SI
  • % Gainers
    % Gainers
    NamePriceChange% Chg
    0.55+0.10+22.22%
    BQP.SI
    0.165+0.015+10.00%
    K22.SI
    1.65+0.15+10.00%
    BAI.SI
    0.29+0.03+9.43%
    A30.SI
    0.39+0.03+8.33%
    CZ4.SI
  • % Losers
    % Losers
    NamePriceChange% Chg
    0.50-0.09-15.25%
    AYB.SI
    0.435-0.060-12.12%
    AYV.SI
    0.305-0.040-11.59%
    BBP.SI
    0.152-0.019-11.11%
    BEH.SI
    0.285-0.035-10.94%
    S19.SI