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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Market Data

  • Currencies
    Currencies
    NamePriceChange% Chg
    1.3587-0.00010.00%
    USDSGD=X
    1.5514+0.0019+0.12%
    EURSGD=X
    1.9694+0.0016+0.08%
    GBPSGD=X
    78.6838-0.2682-0.34%
    SGDJPY=X
    5.7117-0.0004-0.01%
    SGDHKD=X
    2.9476-0.0061-0.21%
    SGDMYR=X
    9,831.8447+5.1523+0.05%
    SGDIDR=X
    4.7842-0.0034-0.07%
    SGDCNY=X
    1.0017-0.0126-1.24%
    AUDSGD=X
  • Commodities
    Commodities
    NamePriceChange% Chg
    1,282.90+10.60+0.83%
    GCM16.CMX
    17.39+0.06+0.33%
    SIN16.CMX
    85.15+1.88+2.26%
    ^XAU
    2.150.00-0.14%
    HGN16.CMX
    44.03-0.29-0.65%
    CLM16.NYM
  • Bonds
    Bonds
    TreasuryYield (%)Yield Change
    1.21-0.03
    ^FVX
    1.75-0.04
    ^TNX
    2.61-0.04
    ^TYX

MARKET MOVERS

  • Most Actives
    Most Actives
    NamePriceChange% Chg
    0.405-0.020-4.71%
    N21.SI
    0.215+0.015+7.50%
    AFC.SI
    3.76-0.02-0.53%
    Z74.SI
    0.37-0.01-2.63%
    E5H.SI
    1.81-0.06-3.21%
    MC0.SI
  • % Gainers
    % Gainers
    NamePriceChange% Chg
    0.25+0.04+19.05%
    508.SI
    0.51+0.05+12.09%
    BMA.SI
    0.215+0.015+7.50%
    AFC.SI
    0.12+0.01+8.11%
    AVX.SI
    0.220.00+2.33%
    NR7.SI
  • % Losers
    % Losers
    NamePriceChange% Chg
    0.30-0.01-3.23%
    RF7.SI
    0.18-0.03-16.28%
    B26.SI
    0.24-0.04-14.29%
    BHO.SI
    0.245-0.035-12.50%
    5CF.SI
    0.225-0.025-10.00%
    A04.SI