The Canadian Dollar may weaken alongside crude oil prices based on how retail traders have been positioning themselves in these assets. What are key technical levels to watch ahead? Get your market update from ddubrovskyFX here:
. Instead of betting against CAD, however, the IG Client Sentiment gauge has been showing that retail traders have been selling USD/CAD. Meanwhile, they have been buying crude oil.
can at times function as a contrarian indicator. With that in mind, is more pain ahead for CAD and crude oil?shows that about 40% of retail traders are net-long USD/CAD. Since most traders are biased to the downside, this suggests prices may continue rising. This is as upside exposure has decreased by 7.72% and 0.99% compared to yesterday and last week, respectively.
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