Canadian Dollar Forecast Summarily Unclear Versus US Dollar
Posted: 02-07-2009 , 19:28 GMT
USDCAD – Sharp shifts in forex sentiment have given us a relatively mixed bias on the US Dollar/Canadian Dollar currency pair. The ratio of long to short positions in the USDCAD stands at 1.06 as nearly 51% of traders are long. Yesterday, the ratio was at 1.19 as 54% of open positions were long. In detail, long positions are 8.9% lower than yesterday and 11.6% stronger since last week. Short positions are 3.1% higher than yesterday and 3.8% weaker since last week. The net-long bias would normally give us a contrarian bias to sell into declines, but the overnight shift leaves us effectively neutral the recently-volatile currency pair.
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