USD/CAD Price Action May Reverse in October, Early-Q4’17

| 29 september, 2017 | 0 kommentarer

USD/CAD Price Action May Reverse in October, Early-Q4'17

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USDCAD: Retail merchant information shows 59.4% of traders are net-long with a ratio of traders prolonged to brief during 1.46 to 1. In fact, traders have remained net-long given Jun 07 when USDCAD traded nearby 1.35095; cost has changed 7.7% reduce given then. The series of traders net-long is 12.2% reduce than yesterday and 16.1% reduce from final week, while a series of traders net-short is 5.0% reduce than yesterday and 19.5% aloft from final week.

We typically take a contrarian perspective to throng sentiment, and a fact traders are net-long suggests USDCAD prices might continue to fall. Yet traders are reduction net-long than yesterday and compared with final week. Recent changes in view advise that a stream USDCAD cost trend might shortly retreat aloft notwithstanding a fact traders sojourn net-long.

— Written by Christopher Vecchio, CFA, Senior Currency Strategist

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Kategori: Analys från DailyFX

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