Number of traders net-short has increased by 49.83% from last week.
SYMBOL | TRADING BIAS | NET-LONG% | NET-SHORT% | CHANGE IN LONGS | CHANGE IN SHORTS | CHANGE IN OI |
USD/CAD | BULLISH | 49.03% | 50.97% | -0.70% -34.25% | 26.06% 49.83% | 11.35% -7.91% |
USD/CAD: Retail trader data shows 49.03% of traders are net-long with the ratio of traders short to long at 1.04 to 1. In fact, traders have remained net-short since Feb 24 when USD/CAD traded near 1.28, price has moved 0.05% lower since then. The number of traders net-long is 0.70% lower than yesterday and 34.25% lower from last week, while the number of traders net-short is 26.06% higher than yesterday and 49.83% 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 Feb 24, 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.
element inside the element. This is probably not what you meant to do!
Load your application’s JavaScript bundle inside the element instead.
Originally Posted on: https://www.dailyfx.com/forex/technical/sentiment/2022/03/08/USDCAD-IG-Client-Sentiment-0223.html
By: Research
