USD/CAD IG Client Sentiment: 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.

Number of traders net-short has decreased by 2.27% from last week.

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.