USDCAD –Retail forex trading crowds have remained steadily net-long the US Dollar (ticker: USDOLLAR) versus the Canadian Dollar since it crossed below the C$0.9900 in October, but a recent drop in long interest limits conviction in calls for USDCAD weakness.
The number of traders long the US Dollar versus the Canadian Dollar has fallen by 16 percent since last week, while short interest is roughly unchanged. Such mixed signals give reason to believe that the USDCAD may remain in a broad trading range.
--- Written by David Rodriguez, Quantitative Strategist for DailyFX.com
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