MUFG Research discusses its systematic signals framework.

"The current systematic landscape presents a clear directional message - winning strategies retain a broadly bearish G10 bias vs. USD, and that bias is not evenly distributed.

JPY is the standout expression of the view where bearish conviction is unanimous across our strategy families and persistent across all three holding horizons, reflecting a macro environment where the rate differential, valuation gap and risk are all reinforcing the same signal simultaneously," MUFG notes.

"CAD attracts the next broadest bearish conviction, where weak growth, tariff headwinds and an inflation-constrained central bank have created conditions favourable for systematic strategies," MUFG adds.