USDCAD–Retail forex traders remain net-short the US Dollar (ticker: USDOLLAR) against the Canadian Dollar for the first time since the pair last traded above parity. Yet USDCAD consolidation has meant that positioning is mostly unchanged since last week, and our sentiment-based bias is unclear.
Trade Implications – USDCAD: Our retail sentiment-based trading strategies recently closed their USDCAD-long positions and are unlikely to place new buy orders until we see a more substantive shift in crowd sentiment and price action.
--- 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 http://www.twitter.com/DRodriguezFX
Facebook at http://www.Facebook.com/DRodriguezFX
- Investment & Company Information