According to Petr Krpata, CFA – Chief EMEA FX and IR Strategist at ING – CAD recorded the largest increase in bullish positioning among the G10 currencies last week, with net longs rising by 11% to 20% as % open interest.
Additional Quotes:
CAD is currently the only G10 currency where investors are net long vs USD (as reported by the CFTC). All other currencies remain net short, particularly the CAD’s commodity peers – with NZD shorts remaining rather profound at 55%. The divergence in positioning among G10 commodity currencies is in line with our view of CAD outperformance vs AUD and NZD. We expect CAD momentum to remain solid as we head to the BoC meeting this Wednesday.
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