| SYMBOL | TRADING BIAS | NET-LONG% | NET-SHORT% | CHANGE IN LONGS | CHANGE IN SHORTS | CHANGE IN OI |
|---|---|---|---|---|---|---|
| USD/CAD | BEARISH | 51.44% | 48.56% |
5.67%Daily 46.95%Weekly |
-10.42%Daily -19.21%Weekly |
-2.80%Daily 5.15%Weekly |
| Change in | Longs | Shorts | OI |
| Daily | 6% | -16% | -5% |
| Weekly | 29% | -11% | 8% |
USD/CAD: Retail trader data shows 51.44% of traders are net-long with the ratio of traders long to short at 1.06 to 1.In fact, traders have remained net-long since Sep 29 when USD/CAD traded near 1.36, price has moved 0.04% higher since then. The number of traders net-long is 5.67% higher than yesterday and 46.95% higher from last week, while the number of traders net-short is 10.42% lower than yesterday and 19.21% lower from last week.
We typically take a contrarian view to crowd sentiment, and the fact traders are net-long suggests USD/CADprices may continue to fall.
Our data shows traders are now net-long USD/CAD for the first time since Sep 29, 2023 when USD/CAD traded near 1.36. Traders are further net-long than yesterday and last week, and the combination of current sentiment and recent changes gives us a stronger USD/CAD-bearish contrarian trading bias.
Source https://www.dailyfx.com/analysis/USDCAD-IG-Client-Sentiment-202311301623.html
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