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
    1.3971+0.0084+0.60%
    USDSGD=X
    1.5703-0.0011-0.07%
    EURSGD=X
    2.0188+0.0073+0.36%
    GBPSGD=X
    80.7498-0.3303-0.41%
    SGDJPY=X
    5.5752-0.0351-0.63%
    SGDHKD=X
    2.9805+0.0008+0.03%
    SGDMYR=X
    9,644.7725-83.4111-0.86%
    SGDIDR=X
    4.7083-0.0264-0.56%
    SGDCNY=X
    0.9899+0.0003+0.03%
    AUDSGD=X
  • Commodities
    Commodities
    NamePriceChange% Chg
    1,238.30-9.50-0.76%
    GCJ16.CMX
    15.73-0.06-0.41%
    SIH16.CMX
    58.97+0.20+0.35%
    ^XAU
    2.03+0.02+1.10%
    HGH16.CMX
    28.27+2.06+7.86%
    CLH16.NYM
  • Bonds
    Bonds
    TreasuryYield (%)Yield Change
    1.17+0.06
    ^FVX
    1.71+0.07
    ^TNX
    2.57+0.06
    ^TYX

MARKET MOVERS

  • Most Actives
    Most Actives
    NamePriceChange% Chg
    0.3050.0000.00%
    N21.SI
    1.595-0.015-0.93%
    MC0.SI
    3.58+0.04+1.13%
    Z74.SI
    0.360.000.00%
    E5H.SI
    2.82-0.03-1.05%
    C31.SI
  • % Gainers
    % Gainers
    NamePriceChange% Chg
    0.151+0.021+16.15%
    5PL.SI
    54.640.000.00%
    NF6.SI
    0.32+0.03+12.28%
    I06.SI
    0.147+0.014+10.53%
    5WJ.SI
    31.820.000.00%
    NF4.SI
  • % Losers
    % Losers
    NamePriceChange% Chg
    0.084-0.060-41.67%
    5PI.SI
    0.225-0.055-19.64%
    5SY.SI
    0.101-0.017-14.41%
    AZZ.SI
    0.51-0.06-9.73%
    BMH.SI
    0.80-0.08-9.09%
    S85.SI