Canadian Dollar to Fall vs USD

DailyFX

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ssi_usd-cad_body_ScreenShot038.png, Canadian Dollar to Fall vs USD

The ratio of long to short positions in the USDCAD stands at 2.07 as nearly 67% of traders are long. Yesterday, the ratio was at 2.30 as 70% of open positions were long. In detail, long positions are 10.6% lower than yesterday and 24.4% stronger since last week. Short positions are 0.7% lower than yesterday and 14.5% weaker since last week. Open interest is 7.6% weaker than yesterday and 5.8% above its monthly average. The SSI is a contrarian indicator and signals more USDCAD losses.

How do we interpret and trade with the SSI? Watch an FXCM Expo Presentation that explains the SSI.

--- Written by Christopher Vecchio, Currency Analyst for DailyFX.com

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