| SYMBOL | TRADING BIAS | NET-LONG% | NET-SHORT% | CHANGE IN LONGS | CHANGE IN SHORTS | CHANGE IN OI |
|---|---|---|---|---|---|---|
| USD/CAD | BEARISH | 51.65% | 48.35% |
13.94%Daily 13.25%Weekly |
-30.71%Daily -34.45%Weekly |
-13.13%Daily -16.23%Weekly |
| Change in | Longs | Shorts | OI |
| Daily | 27% | -42% | -13% |
| Weekly | 34% | -49% | -18% |
USD/CAD: Retail trader data shows 51.65% of traders are net-long with the ratio of traders long to short at 1.07 to 1.In fact, traders have remained net-long since May 24 when USD/CAD traded near 1.36, price has moved 1.08% lower since then. The number of traders net-long is 13.94% higher than yesterday and 13.25% higher from last week, while the number of traders net-short is 30.71% lower than yesterday and 34.45% 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 May 24, 2023 08:00 GMT 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-202306011623.html
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