| SYMBOL | TRADING BIAS | NET-LONG% | NET-SHORT% | CHANGE IN LONGS | CHANGE IN SHORTS | CHANGE IN OI |
|---|---|---|---|---|---|---|
| USD/CAD | BULLISH | 49.94% | 50.06% |
-1.43%Daily -13.93%Weekly |
3.75%Daily 25.38%Weekly |
1.10%Daily 2.09%Weekly |
| Change in | Longs | Shorts | OI |
| Daily | -4% | 8% | 2% |
| Weekly | -15% | 36% | 5% |
USD/CAD: Retail trader data shows 49.94% of traders are net-long with the ratio of traders short to long at 1.00 to 1.In fact, traders have remained net-short since Jun 01 when USD/CAD traded near 1.34, price has moved 0.68% lower since then. The number of traders net-long is 1.43% lower than yesterday and 13.93% lower from last week, while the number of traders net-short is 3.75% higher than yesterday and 25.38% higher from last week.
We typically take a contrarian view to crowd sentiment, and the fact traders are net-short suggests USD/CADprices may continue to rise.
Our data shows traders are now net-short USD/CAD for the first time since Jun 01, 2023 when USD/CAD traded near 1.34. 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.
Source https://www.dailyfx.com/analysis/USDCAD-IG-Client-Sentiment-202308030323.html
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