Credit Agricole CIB Research discusses the latest updates from its positioning model.
"The EUR remains the biggest long in the G10 FX at present despite new selling interest last week, predominantly driven by Crédit Agricole CIB flows. Our FX flow data points at banks and corporates inflows, as well as hedge funds and real money investors outflows. All in all, the EUR is no longer in overbought territory," CACIB notes.
"The CAD remains the largest short in the G10 FX after fresh selling last week, predominantly driven by algo trading flows based on FX technicals signals. Our FX flow data points at banks and hedge funds inflows, as well as corporates and real money investors outflows," CACIB adds.