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
    1.3664-0.0027-0.20%
    USDSGD=X
    1.5137-0.0051-0.34%
    EURSGD=X
    2.1269-0.0035-0.16%
    GBPSGD=X
    90.3602+0.3303+0.37%
    SGDJPY=X
    5.6723+0.0108+0.19%
    SGDHKD=X
    2.7943+0.0043+0.15%
    SGDMYR=X
    9,850.1934+5.0352+0.05%
    SGDIDR=X
    4.5443+0.0073+0.16%
    SGDCNY=X
    0.9972+0.0022+0.22%
    AUDSGD=X
  • Commodities
    Commodities
    NamePriceChange% Chg
    1,093.80-2.80-0.26%
    GCV15.CMX
    14.61-0.04-0.27%
    SIZ15.CMX
    46.66-1.86-3.83%
    ^XAU
    2.370.00+0.02%
    HGG16.CMX
    47.50-0.35-0.73%
    CLV15.NYM
  • Bonds
    Bonds
    TreasuryYield (%)Yield Change
    1.57-0.05
    ^FVX
    2.23-0.04
    ^TNX
    2.95-0.02
    ^TYX

MARKET MOVERS

  • Most Actives
    Most Actives
    NamePriceChange% Chg
    0.355-0.005-1.39%
    E5H.SI
    0.310.000.00%
    5WA.SI
    0.61-0.01-1.61%
    N21.SI
    1.29-0.03-1.90%
    BS6.SI
    2.47-0.02-0.80%
    MC0.SI
  • % Gainers
    % Gainers
    NamePriceChange% Chg
    0.19+0.02+11.11%
    F9M.SI
    0.375+0.035+10.29%
    K1Q.SI
    0.82+0.06+7.19%
    RQ1.SI
    0.30+0.01+3.45%
    5OC.SI
    0.25+0.01+4.17%
    C50.SI
  • % Losers
    % Losers
    NamePriceChange% Chg
    0.45-0.05-10.00%
    E02.SI
    0.305-0.025-7.58%
    S29.SI
    0.925-0.075-7.50%
    M01.SI
    0.32-0.02-5.88%
    Y35.SI
    0.81-0.05-5.26%
    AVZ.SI