USD/CAD IG Client Sentiment: Our data shows traders are now net-long USD/CAD for the first time since Jan 22, 2020 when USD/CAD traded near 1.31.

Number of traders net-short has decreased by 13.88% from last week.

USD/CAD: Retail trader data shows 50.06% of traders are net-long with the ratio of traders long to short at 1.00 to 1. In fact, traders have remained net-long since Jan 22 when USD/CAD traded near 1.31, price has moved 7.83% higher since then. The number of traders net-long is 92.27% higher than yesterday and 156.36% higher from last week, while the number of traders net-short is 6.01% lower than yesterday and 13.88% lower from last week.

We typically take a contrarian view to crowd sentiment, and the fact traders are net-long suggests USD/CAD prices may continue to fall.

Our data shows traders are now net-long USD/CAD for the first time since Jan 22, 2020 when USD/CAD traded near 1.31. 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.