Number of traders net-short has decreased by 17.70% from last week.
CHANGE IN LONGS
CHANGE IN SHORTS
CHANGE IN OI
USD/CAD: Retail trader data shows 50.00% 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 Jun 15 when USD/CAD traded near 1.29, price has moved 1.46% higher since then. The number of traders net-long is 12.04% higher than yesterday and unchanged from last week, while the number of traders net-short is 14.71% lower than yesterday and 17.70% 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 Jun 15, 2022 when USD/CAD traded near 1.29. 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.