USD/CAD IG Client Sentiment: Our data shows traders are now net-short USD/CAD for the first time since Oct 17, 2019 when USD/CAD traded near 1.31.
Number of traders net-short has increased by 12.70% from last week.
CHANGE IN LONGS
CHANGE IN SHORTS
CHANGE IN OI
USD/CAD: Retail trader data shows 47.79% of traders are net-long with the ratio of traders short to long at 1.09 to 1. In fact, traders have remained net-short since Oct 17 when USD/CAD traded near 1.31, price has moved 0.65% higher since then. The number of traders net-long is 23.89% lower than yesterday and 20.92% lower from last week, while the number of traders net-short is 0.28% lower than yesterday and 12.70% higher from last week. We typically take a contrarian view to crowd sentiment, and the fact traders are net-short suggests USD/CAD prices may continue to rise. Our data shows traders are now net-short USD/CAD for the first time since Oct 17, 2019 when USD/CAD traded near 1.31. Traders are further net-short than yesterday and last week, and the combination of current sentiment and recent changes gives us a stronger USD/CAD-bullish contrarian trading bias.
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