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Number of traders net-short has increased by 65.06% from last week.
|
SYMBOL |
TRADING BIAS |
NET-LONG% |
NET-SHORT% |
CHANGE IN LONGS |
CHANGE IN SHORTS |
CHANGE IN OI |
|
BULLISH |
48.56% |
51.44% |
-5.37%
-43.11% |
2.49%
65.06% |
-1.48%
-14.18% |
USD/CAD: Retail trader data shows 48.56% of traders are net-long with the ratio of traders short to long at 1.06 to 1. In fact, traders have remained net-short since May 23 when USD/CAD traded near 1.28, price has moved 1.35% higher since then. The number of traders net-long is 5.37% lower than yesterday and 43.11% lower from last week, while the number of traders net-short is 2.49% higher than yesterday and 65.06% 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 May 23, 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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