Scotiabank FX Strategy Research comments on the latest Imm report (covering up to Tuesday, June 27 and were released Friday, June 30).
In particular, ScotiaFX notes that net CAD shorts tumbled by $2.5 bn. this week, which is the largest, 1-week positioning shift in the CAD's favor since 2014.
" This looks to us to be an overdue reaction to the CAD's rebound that got underway in early May. CAD gains have forced gross shorts to throw in the towel.
Elsewhere, ScotiaFX notes that EUR bulls were active, increasing longs while shorts covered; on the net, EUR longs rose by a little more than $2 bn. in the week.
Overall, ScotiaFX notes that in aggregate, the speculative community has gone all but neutral on the USD, reflecting the more constructive messaging on rates from central bankers outside of the US.
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