USDCAD SELL

USDCAD

According to retail trader data, 48.57% of traders are currently net-long on USD/CAD. The ratio of traders short to long is at 1.06 to 1, indicating a higher number of short traders. Interestingly, traders have been net-short since December 13, when USD/CAD was trading near 1.35. Since then, the price has dropped by 0.14%.

As of now, the number of traders who are net-long has decreased by 12.50% compared to yesterday, and by 22.83% compared to last week. Meanwhile, the number of traders who are net-short has increased by 32.59% compared to yesterday, and by 30.91% compared to last week.

These trends suggest that the bears are fighting for control. If the price retraces and tests the structural level without breaking above the zone, there is a possibility of a trend line break to the downside.

In the event that the price maintains an upward trajectory, our strategy will entail awaiting the breakthrough of resistance. We will then take advantage of the retest to enter the market.