Canadian Dollar Forecast Unclear Against US Dollar

USD/CAD Ratio: -1.02

Signal: Bullish


USDCAD – The ratio of long to short positions in the USDCAD stands at 1.07 as nearly 52% of traders are long. Yesterday, the ratio was at -1.05 as 51% of open positions were short. In detail, long positions are 1.7% higher than yesterday and 50.6% weaker since last week. Short positions are 8.9% lower than yesterday and 11.1% stronger since last week. Open interest is 3.7% weaker than yesterday and 56.7% below its monthly average. The SSI is a contrarian indicator and signals more USDCAD losses.

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Canadian Dollar Technical Outlook

The rally from just below 1.15 is in 5 waves and could be a truncated 5th wave.

If so, then a correction back to at least 1.15 and possibly lower is underway now. The drop from 1.2993 to 1.2120 is in 5 waves, which is bearish. Price should remain below 1.2993.

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