FOREX ANALYSIS: Canadian Dollar Forecast to Strengthen

ssi_usd-cad_body_Picture_9.png, FOREX ANALYSIS: Canadian Dollar Forecast to Strengthen

USDCADRetail forex traders continue to sell the US Dollar (ticker: USDOLLAR) versus the Canadian Dollar, and we see further risks of short-term declines. In fact, traders most recently turned long USDCAD as it crossed below C$0.9900 in October, and long interest is up a further 6 percent since last week while shorts have fallen 20 percent. We see little reason to go against our consistently bearish USDCAD trading bias.

--- Written by David Rodriguez, Quantitative Strategist for DailyFX.com

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    N21.SI
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    AAJ.SI
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    40F.SI
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    0.45+0.12+36.36%
    MR8.SI
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    AWC.SI
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    AYB.SI
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    E8Z.SI
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    0.22-0.03-13.73%
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    NamePriceChange% Chg
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    USDSGD=X
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    EURSGD=X
    1.7630+0.0043+0.24%
    GBPSGD=X
    80.3440-0.301-0.37%
    SGDJPY=X
    5.4378+0.0008+0.01%
    SGDHKD=X
    3.1175-0.0015-0.05%
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    9,435.7910+29.9766+0.32%
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    SGDCNY=X
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    AUDSGD=X
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