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.

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.

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%
Daily

-34.25%
Weekly

26.06%
Daily

49.83%
Weekly

11.35%
Daily

-7.91%
Weekly

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.

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Originally Posted on: https://www.dailyfx.com/forex/technical/sentiment/2022/03/08/USDCAD-IG-Client-Sentiment-0223.html
By: Research

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