Forex Analysis: Canadian Dollar Offers Range Trading

ssi_usd-cad_body_Picture_8.png, Forex Analysis: Canadian Dollar Offers Range Trading

USDCADRetail forex traders have bought the US Dollar (ticker: USDOLLAR) against the Canadian Dollar, and a contrarian view of crowd sentiment points to further USDCAD declines. Traders have remained net-long USDCAD since it crossed below C$0.9900 in October.

Trade Implications – USDCAD: Our sentiment-based trading strategies have shown mixed results in trading the USDCAD, and in fact one system is currently long while another is short. Such admittedly confusing signals give us little reason to favor large moves in either direction for the mostly range-bound pair. Instead we would advocate using range-trading strategies until further notice.

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

To receive the Speculative Sentiment Index and other reports from this author via e-mail, sign up for his distribution list via this link.

New to FX markets? Learn more in our video trading guide.

Contact David via

Twitter at https://www.twitter.com/DRodriguezFX

Facebook at http://www.Facebook.com/DRodriguezFX

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.
Learn forex trading with a free practice account and trading charts from FXCM.

Loading...
 
Recent Quotes
Symbol Price Change % Chg 
Your most recently viewed tickers will automatically show up here if you type a ticker in the "Enter symbol/company" at the bottom of this module.
You need to enable your browser cookies to view your most recent quotes.
 
Sign-in to view quotes in your portfolios.

Market Data

  • Currencies
    Currencies
    NamePriceChange% Chg
    1.2564+0.001+0.08%
    USDSGD=X
    1.7366+0.0018+0.11%
    EURSGD=X
    2.1087+0.0021+0.10%
    GBPSGD=X
    81.5572-0.1166-0.14%
    SGDJPY=X
    6.1712-0.0044-0.07%
    SGDHKD=X
    2.5991-0.002-0.08%
    SGDMYR=X
    9,256.6074-43.0771-0.46%
    SGDIDR=X
    4.9648-0.0039-0.08%
    SGDCNY=X
    1.1669+0.001+0.08%
    AUDSGD=X
  • Commodities
    Commodities
    NamePriceChange% Chg
    1,284.70+0.10+0.01%
    GCM14.CMX
    19.42-0.01-0.07%
    SIK14.CMX
    92.88+1.82+2.00%
    ^XAU
    3.060.00-0.08%
    HGK14.CMX
    101.53+0.09+0.09%
    CLM14.NYM
  • Bonds
    Bonds
    TreasuryYield (%)Yield Change
    1.71-0.03
    ^FVX
    2.69-0.04
    ^TNX
    3.47-0.03
    ^TYX

MARKET MOVERS

  • Most Actives
    Most Actives
    NamePriceChange% Chg
    0.122+0.002+1.67%
    B22.SI
    0.61+0.005+0.83%
    E5H.SI
    2.22+0.010+0.45%
    JS8.SI
    0.16+0.002+1.27%
    5GB.SI
    0.142-0.003-2.07%
    545.SI
  • % Gainers
    % Gainers
    NamePriceChange% Chg
    0.23+0.031+15.58%
    5UZ.SI
    0.22+0.020+10.00%
    D6U.SI
    0.184+0.014+8.24%
    5WD.SI
    0.275+0.020+7.84%
    5TP.SI
    0.161+0.011+7.33%
    A03.SI
  • % Losers
    % Losers
    NamePriceChange% Chg
    0.245-0.055-18.33%
    T18.SI
    0.196-0.024-10.91%
    5WR.SI
    0.161-0.019-10.56%
    T16.SI
    0.36-0.040-10.00%
    S24.SI
    0.098-0.010-9.26%
    C11.SI