Number of traders net-short has decreased by 2.27% from last week.
SYMBOL | TRADING BIAS | NET-LONG% | NET-SHORT% | CHANGE IN LONGS | CHANGE IN SHORTS | CHANGE IN OI |
USD/CAD | BULLISH | 48.81% | 51.19% | -27.11% Daily -32.09% Weekly | -12.24% Daily -2.27% Weekly | -20.19% Daily -19.52% Weekly |
USD/CAD: Retail trader data shows 48.81% of traders are net-long with the ratio of traders short to long at 1.05 to 1. In fact, traders have remained net-short since Dec 18 when USD/CAD traded near 1.31, price has moved 0.25% higher since then. The number of traders net-long is 27.11% lower than yesterday and 32.09% lower from last week, while the number of traders net-short is 12.24% lower than yesterday and 2.27% lower from last week.
We typically take a contrarian view to crowd sentiment, and the fact traders are net-short suggests USD/CAD prices may continue to rise.
Our data shows traders are now net-short USD/CAD for the first time since Dec 18, 2019 when USD/CAD traded near 1.31. 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.
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