| SYMBOL | TRADING BIAS | NET-LONG% | NET-SHORT% | CHANGE IN LONGS | CHANGE IN SHORTS | CHANGE IN OI |
|---|---|---|---|---|---|---|
| USD/CAD | BULLISH | 49.53% | 50.47% |
-12.80%Daily -16.74%Weekly |
5.34%Daily 37.36%Weekly |
-4.50%Daily 3.92%Weekly |
| Change in | Longs | Shorts | OI |
| Daily | -10% | 4% | -4% |
| Weekly | -17% | 37% | 3% |
USD/CAD: Retail trader data shows 49.53% of traders are net-long with the ratio of traders short to long at 1.02 to 1.In fact, traders have remained net-short since Feb 15 when USD/CAD traded near 1.35, price has moved 0.25% higher since then. The number of traders net-long is 12.80% lower than yesterday and 16.74% lower from last week, while the number of traders net-short is 5.34% higher than yesterday and 37.36% 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 Feb 15, 2024 14:00 GMT when USD/CAD traded near 1.35. 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-202402231723.html
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