The Canadian Dollar continues to remain a long term buy despite last week’s temporary reduction in both long and short positions but still leaving the Commercials with a net long view of this currency. A look at the monthly usd to cad candle charts would tend to support this bullish view of the Canadian dollar where this month’s candle will be a very long legged doji preceded by a series of tweezer tops. Again I have to stress that the COT index is a long term sentiment indicator and wont always necessarily support the spot market picture.
