Number of traders net-short has decreased by 17.12% from last week.
SYMBOL | TRADING BIAS | NET-LONG% | NET-SHORT% | CHANGE IN LONGS | CHANGE IN SHORTS | CHANGE IN OI |
BEARISH | 50.00% | 50.00% | 7.29% 6.36% | -25.51% -17.12% | -12.07% -6.84% |
USD/CAD: Retail trader data shows 50.00% of traders are net-long with the ratio of traders long to short at 1.00 to 1. In fact, traders have remained net-long since Apr 26 when USD/CAD traded near 1.28, price has moved 0.57% lower since then. The number of traders net-long is 7.29% higher than yesterday and 6.36% higher from last week, while the number of traders net-short is 25.51% lower than yesterday and 17.12% lower from last week.
We typically take a contrarian view to crowd sentiment, and the fact traders are net-long suggests USD/CAD prices may continue to fall.
Our data shows traders are now net-long USD/CAD for the first time since Apr 26, 2022 15:00 GMT when USD/CAD traded near 1.28. Traders are further net-long than yesterday and last week, and the combination of current sentiment and recent changes gives us a stronger USD/CAD-bearish contrarian trading bias.
