Number of traders net-short has increased by 9.43% from last week.
| SYMBOL | TRADING BIAS | NET-LONG% | NET-SHORT% | CHANGE IN LONGS | CHANGE IN SHORTS | CHANGE IN OI |
|---|---|---|---|---|---|---|
| USD/CAD | BEARISH | 52.01% | 47.99% |
6.96% Daily 38.33% Weekly |
-12.56% Daily 9.43% Weekly |
-3.39% Daily 22.77% Weekly |
USD/CAD: Retail trader data shows 52.01% of traders are net-long with the ratio of traders long to short at 1.08 to 1. In fact, traders have remained net-long since Feb 03 when USD/CAD traded near 1.34, price has moved 0.36% lower since then. The number of traders net-long is 6.96% higher than yesterday and 38.33% higher from last week, while the number of traders net-short is 12.56% lower than yesterday and 9.43% higher 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 Feb 03, 2023 13:00 GMT when USD/CAD traded near 1.34. 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.
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