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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Market Data

  • Currencies
    Currencies
    NamePriceChange% Chg
    1.3319-0.0006-0.04%
    USDSGD=X
    1.4460-0.0015-0.11%
    EURSGD=X
    2.0212-0.0016-0.08%
    GBPSGD=X
    89.2884+0.0689+0.08%
    SGDJPY=X
    5.8188+0.0026+0.04%
    SGDHKD=X
    2.6806-0.0016-0.06%
    SGDMYR=X
    9,733.3174+14.7412+0.15%
    SGDIDR=X
    4.6615+0.0123+0.26%
    SGDCNY=X
    1.0414-0.0007-0.07%
    AUDSGD=X
  • Commodities
    Commodities
    NamePriceChange% Chg
    1,176.00-14.50-1.21%
    GCQ15.CMX
    15.64-0.11-0.72%
    SIK15.CMX
    69.95-0.68-0.96%
    ^XAU
    2.75+0.04+1.56%
    HGK15.CMX
    57.15-0.32-0.55%
    CLM15.NYM
  • Bonds
    Bonds
    TreasuryYield (%)Yield Change
    1.32-0.03
    ^FVX
    1.92-0.03
    ^TNX
    2.62-0.02
    ^TYX

MARKET MOVERS

  • Most Actives
    Most Actives
    NamePriceChange% Chg
    0.290.00-1.69%
    5WA.SI
    0.855+0.015+1.79%
    N21.SI
    0.42-0.01-2.33%
    E5H.SI
    0.235+0.010+4.44%
    5GB.SI
    1.13+0.05+5.12%
    U9E.SI
  • % Gainers
    % Gainers
    NamePriceChange% Chg
    0.215+0.015+7.50%
    D38.SI
    0.29+0.01+5.45%
    CZ4.SI
    0.138+0.008+6.15%
    ACW.SI
    0.405+0.020+5.19%
    TI6.SI
    1.23+0.06+5.13%
    P8A.SI
  • % Losers
    % Losers
    NamePriceChange% Chg
    0.11-0.02-15.38%
    O2I.SI
    0.107-0.014-11.57%
    5PO.SI
    0.22-0.02-8.33%
    5CF.SI
    0.26-0.02-7.14%
    F86.SI
    0.145-0.010-6.45%
    K14.SI