A move above psychological resistance in the 1.3000 area would confirm upside towards overall targets are near the 1.3065 multi-year highs. Further out, A 1.618 Fibonacci Extension opens up a move towards 1.3465.
From a sentiment point of view, The ratio of long to short positions in the USDCAD at FXCM stands at -2.96 as 25% of traders are long. Yesterday the ratio was -2.36; 30% of open positions were long. We use our SSI as a contrarian indicator to price action, and the fact that the majority of traders are short gives signal that the USDCAD may continue higher.
From a sentiment point of view, The ratio of long to short positions in the USDCAD at FXCM stands at -2.96 as 25% of traders are long. Yesterday the ratio was -2.36; 30% of open positions were long. We use our SSI as a contrarian indicator to price action, and the fact that the majority of traders are short gives signal that the USDCAD may continue higher.