USD/CAD IG Client Sentiment
According to our data analysis, traders are currently holding a net-short position on the USD/CAD currency pair. This is the first instance of such a position since April 10, 2023 at 19:00 GMT when USD/CAD was trading in the vicinity of 1.35.
Retail traders are split on USD/CAD, with 49.42% net-long and a short to long ratio of 1.02 to 1. Traders have been net-short since April 10, and the price has decreased by 0.31% since then. The number of net-long traders has decreased by 20.57% from yesterday and 13.10% from last week, while the number of net-short traders has increased by 23.91% from yesterday and 27.18% from last week.
Our approach towards crowd sentiment is generally contrarian, and the current net-short position of traders indicates a potential rise in USD/CAD prices.
The data we have gathered indicates that traders are presently holding a net-short position on the USD/CAD pairing. This marks the first instance of such a trend since Apr 10, 2023 at 19:00 GMT, when USD/CAD was trading at approximately 1.35. It is worth noting that traders are currently even more net-short than they were yesterday or last week. Our analysis of this sentiment, in conjunction with recent shifts in market trends, leads us to adopt a bullish contrarian trading bias toward USD/CAD.
