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
    1.40880.000.00%
    USDSGD=X
    1.57510.000.00%
    EURSGD=X
    2.16840.000.00%
    GBPSGD=X
    86.40380.000.00%
    SGDJPY=X
    5.5020+0.0011+0.02%
    SGDHKD=X
    2.96130.000.00%
    SGDMYR=X
    10,015.67580.000.00%
    SGDIDR=X
    4.5355-0.0031-0.07%
    SGDCNY=X
    1.00940.000.00%
    AUDSGD=X
  • Commodities
    Commodities
    NamePriceChange% Chg
    1,133.40+10.80+0.96%
    GCZ15.CMX
    14.57+0.14+0.96%
    SIZ15.CMX
    48.82+1.99+4.24%
    ^XAU
    2.35+0.02+0.94%
    HGZ15.CMX
    45.26+2.70+6.34%
    CLV15.NYM
  • Bonds
    Bonds
    TreasuryYield (%)Yield Change
    1.52+0.04
    ^FVX
    2.19+0.02
    ^TNX
    2.91+0.01
    ^TYX

MARKET MOVERS

  • Most Actives
    Most Actives
    NamePriceChange% Chg
    0.122+0.008+7.02%
    5DN.SI
    0.520.00+0.97%
    N21.SI
    0.310.000.00%
    5WA.SI
    0.310.00+1.64%
    E5H.SI
    3.80-0.05-1.30%
    Z74.SI
  • % Gainers
    % Gainers
    NamePriceChange% Chg
    0.152+0.041+36.94%
    5MD.SI
    0.25+0.05+21.95%
    5NF.SI
    0.205+0.036+21.30%
    NO4.SI
    0.42+0.07+20.00%
    AZT.SI
    0.25+0.03+16.28%
    A7S.SI
  • % Losers
    % Losers
    NamePriceChange% Chg
    0.205-0.095-31.67%
    Y06.SI
    0.77-0.23-23.00%
    AXL.SI
    0.098-0.022-18.33%
    5UA.SI
    0.11-0.02-15.38%
    40R.SI
    0.101-0.017-14.41%
    T08.SI