As a follow up to last week’s chart of the week post linked below, the Canadian Dollar continues to be extremely crowded by Speculators as their net-short position increased based on the latest COT report.
It should be noted that the COT data was delayed this past week and was released on Monday, 6/24/2024, instead of the standard Friday release.
As price increased in CAD, Speculators sold into the move and Large Speculators continue to be at historic extremes. This continues to be a chart of great interest to see how this positioning unwinds as news today showed that Canada inflation surprisingly rose in May potential impacting the odds of a rate cut in July.
Positioning for the last five years:
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