USD/CAD IG Client Sentiment: Our data shows traders are now net-long USD/CAD for the first time since Jul 18, 2024 when USD/CAD traded near 1.37.
USD/CAD: Retail trader data shows 50.26% of traders are net-long with the ratio of traders long to short at 1.01 to 1. In fact, traders have remained net-long since Jul 18 when USD/CAD traded near 1.37, price has moved 0.30% lower since then. The number of traders net-long is 1.81% higher than yesterday and 19.82% higher from last week, while the number of traders net-short is 1.02% lower than yesterday and 17.23% 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 Jul 18, 2024 when USD/CAD traded near 1.37. 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.
