– Traders continue to hold a net long USD position of $16.6bn, with short positions in CAD, JPY, EUR and GBP and long positions in AUD, NZD, MXN and CHF.
– The net short CAD position narrowed by just $0.5bn to $7bn; however it continues to be the second largest net short held against the USD. We find it surprising that market sentiment is more bearish CAD, than it is EUR or GBP. The outlook for CAD has dimmed, but in our view it is still brighter than it is for either EUR or GBP.
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Scotiabank