The big party in the U.S. dollar is winding down.

While Hedgeye is not outright bearish of the dollar (we just signaled NEUTRAL TREND in our Risk Ranges product, after making the non-consensus long call on USD at the beginning of April), Hedgeye CEO Keith McCullough explains in the clip above that most money on the long side has likely already been made.

“The best of its gains, which came between April and the blowout to the upside in October, are now behind us,” McCullough explains. “It was the best currency call you could have made last year. But keep an eye on the levels – if you break Trend, that probably means the whole thing is coming unglued.”

Watch the full clip above for more.

McCullough: The Best of U.S. Dollar Move Is Behind Us - hedgeye risk manager