USD/CAD IG Client Sentiment: Our data shows traders are now net-short USD/CAD for the first time since Jun 01, 2020 when USD/CAD traded near 1.36.

Number of traders net-short has increased by 53.31% from last week.

USD/CAD: Retail trader data shows 49.86% of traders are net-long with the ratio of traders short to long at 1.01 to 1. In fact, traders have remained net-short since Jun 01 when USD/CAD traded near 1.36, price has moved 0.61% higher since then. The number of traders net-long is 1.15% higher than yesterday and 18.74% lower from last week, while the number of traders net-short is 16.92% higher than yesterday and 53.31% higher 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 Jun 01, 2020 when USD/CAD traded near 1.36. 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.