USD/CAD IG Client Sentiment: Our data shows traders are now net-long USD/CAD for the first time since Mar 31, 2020 when USD/CAD traded near 1.41.

Number of traders net-short has decreased by 23.12% from last week.

USD/CAD: Retail trader data shows 52.44% of traders are net-long with the ratio of traders long to short at 1.10 to 1. In fact, traders have remained net-long since Mar 31 when USD/CAD traded near 1.41, price has moved 0.22% lower since then. The number of traders net-long is 17.66% higher than yesterday and 53.57% higher from last week, while the number of traders net-short is 25.65% lower than yesterday and 23.12% 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 Mar 31, 2020 when USD/CAD traded near 1.41. 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.