Number of traders net-short has increased by 8.51% from last week.
CHANGE IN LONGS
CHANGE IN SHORTS
CHANGE IN OI
USD/CAD: Retail trader data shows 49.32% of traders are net-long with the ratio of traders short to long at 1.03 to 1. In fact, traders have remained net-short since Mar 15 when USD/CAD traded near 1.28, price has moved 0.62% lower since then. The number of traders net-long is 38.73% lower than yesterday and 22.00% lower from last week, while the number of traders net-short is 22.16% higher than yesterday and 8.51% 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 Mar 15, 2022 when USD/CAD traded near 1.28. 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.