Positioning · retail sentiment · read at 08:31 UTC on 12 November 2026
GBP/CAD retail sentiment: long vs short
As of 08:31 UTC on 12 November 2026, 33% of retail traders are long GBP/CAD and 67% short, a long/short ratio of 0.49. A week earlier, on 5 November, 45% were long, so the crowd is 12 points more short this week.
The long share over 120 days
Over the 120 days the terminal holds (since 11 July), the long share has run from 9% to 56%; today's reading is higher than on 15% of those days.
The COT view beside it
Speculators in pound futures are net long 26,663 contracts (CFTC, positions at 3 Nov), at the 49th percentile of their own range. British Pound COT positioning
Speculators in Canadian dollar futures are net short 86,302 contracts (CFTC, positions at 3 Nov), at the 21st percentile of their own range. Canadian Dollar COT positioning
Retail shows the crowd at retail brokers; the CFTC report shows speculators in futures, weekly. The two often sit on opposite sides. This week's full report: the COT report.
Questions
Are retail traders long or short GBP/CAD?
As of 08:31 UTC on 12 November 2026, 33% of retail traders are long GBP/CAD and 67% short, a long/short ratio of 0.49. The crowd leans short, 67% on one side.
How has GBP/CAD retail sentiment changed this week?
A week earlier, on 5 November, 45% were long, so the crowd is 12 points more short this week.
Is GBP/CAD retail positioning extreme?
Over the 120 days the terminal holds (since 11 July), the long share has run from 9% to 56%; today's reading is higher than on 15% of those days. That is inside its recent range rather than at an edge of it.
What does the COT report say about GBP/CAD?
Speculators in pound futures are net long 26,663 contracts (CFTC, positions at 3 Nov), at the 49th percentile of their own range. Speculators in Canadian dollar futures are net short 86,302 contracts (CFTC, positions at 3 Nov), at the 21st percentile of their own range.
How do traders read retail sentiment?
Many traders read it as a contrarian gauge: a crowd leaning heavily one way has often been on the wrong side of the move that follows, and is the side forced out when price runs against it. It is a description of positioning, not a signal. In WatchTower Terminal's composite score retail positioning is read that way, at a weight of 10%, alongside CFTC positioning, rates and research.
More on GBP/CAD: GBP/CAD analysis · GBP/CAD rate differential · GBP/CAD seasonality · British Pound outlook · British Pound COT positioning · BoE rate expectations · UK economic surprises · Canadian Dollar outlook · Canadian Dollar COT positioning · BoC rate expectations · Canadian economic surprises
Other pairs: AUD/CAD 46% long · CAD/CHF 80% long · CAD/JPY 59% long · EUR/CAD 53% long · EUR/GBP 75% long · GBP/AUD 50% long · GBP/CHF 66% long · GBP/JPY 54% long · GBP/NZD 39% long · GBP/USD 57% long · all 30
Aggregated retail broker positioning, read every 20 minutes in the terminal; this page is rebuilt through the day. Not financial advice.